Fiscal Note
Sale of this surplus City property will result in estimated proceeds of $94,100
less closing costs. Sale proceeds will be deposited in the City General Land Acquisition Fund, unless the Council directs the proceeds be used for some other purpose, such as the Affordable Housing Trust Fund.
Title
Accepting an Offer to Purchase from Kennedy Point, LLC, for the purchase of City-owned surplus parcels of land located on Eastwood Drive and First Street. 6th Ald. Dist.
Body
PREAMBLE
On October 11, 2005, the Common Council approved a resolution (File Number 01969) to declare portions of Eastwood Drive and South First Street as surplus right-of-way and authorizing the Real Estate Section to negotiate and sell the surplus portions to Kennedy Point, LLC. The Real Estate Section has completed negotiations with Kennedy Point, LLC. Based on a previous appraisal prepared for the City involving the sale of property in the Kennedy Manor development, the Real Estate Section recommends a sale price of $94,100.
NOW, THEREFORE BE IT RESOLVED that the Common Council of the City of Madison (the "City") hereby accepts an Offer to Purchase (the "Offer") from Kennedy Point, LLC (the "Buyer") for the purchase of surplus right of way remnants located on First Street and Eastwood Drive (the "Property"), as shown on the attached map, for the siting of a residential 43-unit development subject to the following terms and conditions:
1. The City agrees to sell to the Buyer and the Buyer agrees to purchase from the City the Property.
2. The purchase price shall be based on approximately 6,969 square feet of property at a price of $ 13.50 per square foot. The total purchase price for the Property shall be Ninety Four Thousand One Hundred and no/00 Dollars ($94,100), payable in cash at closing, subject to the adjustments and prorations set forth in the Offer.
3. The Buyer shall be responsible for obtaining a commitment from a title insurance company for the pro...
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