Fiscal Note
Funds for the purchase of this property, estimated at $1,078,600, plus closing costs are authorized in the 2012 PCED Adopted Capital Budget, Project No. 12, "TID 42 - Wingra," Account No. 824201. The purchase of this property will be charged against TID# 42-Wingra.
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Authorizing the execution of an Offer to Purchase Real Property, Acceptance and Sales Agreement for the purchase of the former Truman O. Olson Army Reserve Center located at 1402 South Park Street and authorizing the City to indemnify and hold harmless the United States of America.
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The former Truman O. Olson U.S. Army Reserve Center located at 1402 South Park Street (the “Property”) is being disposed of by the federal government. The Property consists of approximately 3.49 acres, with a 25,727 square foot permanent structure and two surface parking lots. The Property was previously used by the U.S. Army Reserve for administrative and training activities. The federal government has declared the Property surplus to its needs. As required under federal statutes, the Community Development Authority of the City of Madison (the “CDA”) has been designated by the Common Council as the Local Redevelopment Authority (the “LRA”) for the disposition of the Property.
Acting as the LRA, the CDA has drafted a Redevelopment Plan recommending that the Property be used for economic development purposes, including the demolition of the improvements located thereon and the extension of Cedar Street through the Property, as outlined in the City’s Wingra BUILD Plan and as accommodated by the Notices of Interest in the Property from both Porchlight and Goodwill, which Notices provide alternate locations for homeless facilities. On September 9, 2008, the Common Council adopted a resolution (File No. 11307, Enactment No. RES-08-00864) that adopted the recommendations in the Redevelopment Plan, the Homeless Assistance Submission (including Legally Binding Agreements with Porchlight and Goodwill) an...
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