Fiscal Note
The City's total costs for acquiring the property are an estimated $935,323 (including purchase costs of $916,860 ($14 per sq ft x 65,490 sq ft), $10,663 for prorated taxes and miscellaneous closing costs, and $7,800 for a Phase 2 Environmental Assessment). The City is selling the property for $982,350 ($15 per sq ft x 64,490 sq ft). The property currently lies outside a Tax Incremental Financing District, so sale proceeds will be applied to reduce General Obligation borrowing debt service costs. The estimated cost to the City for Livingston Street median and traffic signal improvements is $550,000 and will be included in the 2013 capital budget, subject to approval by the Common Council. The Agreement includes an option for the City to reacquire the property at the purchase price if the buyer does not commence construction within 180 days of closing. Exercise of the option would require Council authorization and funding approval.
Title
SUBSTITUTE Accepting a Selection Committee’s recommendation of the Gebhardt Development, LLC proposal for the purchase and redevelopment of City-owned properties in the 700 Block of East Washington Avenue and authorizing the execution of a Purchase and Sale Agreement with Gebhardt Development, LLC for the purchase and redevelopment of these properties.
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WHEREAS, the City of Madison established a Land Banking Fund to purchase and stabilize developable parcels of land in the City of Madison; and,
WHEREAS, the City’s Economic Development Committee approved guidelines for the purchase and sale of land acquired with Land Banking Funds (attached); and,
WHEREAS, the City used the Land Banking Fund to purchase properties in the 700 and 800 Blocks of East Washington Avenue (the “Sites”), as shown on the attached; and,
WHEREAS, the City issued a Request for Proposals (the “RFP”) seeking developer interest in the purchase and redevelopment of the Sites; and,
WHEREAS, the City received six proposals (the “Proposal...
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