Fiscal Note
The proposed resolution authorizes the execution of a Purchase and Sale Agreement between the City of Madison and the owner of the property. The estimated total cost is $724,000 for acquisition ($704,000) and additional real estate costs for environmental site assessment, title work, miscellaneous closing costs, and staff time ($20,000). Funding for the purchase is authorized within the Parks Division’s 2023 Adopted Capital Budget Land Acquisition Program #17128 (Munis project 14210).
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Samuel and Margaret Thomas for the City’s acquisition of the property located at 16 Lakeshore Court for assemblage with Olin Park. (District 13)
Body
WHEREAS, Samuel and Margaret Thomas (“Seller”) are the owners of the property containing 1,971 square feet of land and single family home improvements, located at 16 Lakeshore Court legally described in the attached Exhibit A (“Property”); and
WHEREAS, the City of Madison (“City”) desires to purchase the Property for assemblage with Olin Park, as the acquisition of properties in the vicinity of Olin Park is a long term goal of the City’s Parks Division; and
WHEREAS, the City’s adopted 2018 Comprehensive Plan identifies the Property as parkland on the Generalized Future Land Use Map with the following note: “The existing office and residential uses are recommended to continue until a future opportunity arises to convert this area to public park and open space use …;” and
WHEREAS, the City’s acquisition of the Property would add approximately 54 linear feet of shoreline for public access to Wingra Creek, while providing expanded opportunities for recreational uses in this heavily used park, which is consistent with the City’s adopted 2018 Park and Open Space Plan includes the recommendation to “Improve Public Access to Lakes”; and
WHEREAS, the Seller agrees, by virtue of an executed Purchase and Sale Agreement (“Agreeme...
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