Fiscal Note
The proposed resolution authorizes a Purchase and Sale Agreement with Madison Gas and Electric Company for property for the construction of the Capitol East District Parking Structure. The anticipated purchase price is $1,200,000. This price is based on the following terms and conditions:
1. Purchase Price. The City will pay MGE $16/square foot for the Property.
2. Size of Property. The size of Property will be between 60,000 and 80,000 square feet. The exact size and location of the Property will be as mutually agreed by City and MGE.
The purchase will be funded by the General Land Acquisition Fund, the current balance of the fund is approximately $2.2M. Should this resolution be approved, the remaining balance would be $1M.
The funding sources for the total project cost is $16 million as outlined in RES-16-00837 (Legistar #44762) are as follows:
$7 million Tax Increment Financing (TIF) - supported Borrowing
$5 million General Fund-supported General Obligation Borrowing
$3 million Parking Utility Cash Reserves
$1 million General Land Acquisition Fund
Title
SUBSTITUTE Authorizing the execution of a Purchase and Sale Agreement with Madison Gas and Electric Company for property at the intersection of South Livingston Street and East Main Street; and, authorizing the execution of a Memorandum of Understanding with Madison Gas and Electric Company regarding future municipal uses within the Capitol East District.
Body
WHEREAS the Common Council approved RES-16-00837 (Legistar #44762) on November 1, 2016, which contemplates the purchase of property at the intersection of South Livingston Street and East Main Street from Madison Gas and Electric Company (MG&E) for the construction of a Capitol East District Parking Structure; and,
WHEREAS the Parking Structure will be owned and operated by the City of Madison Parking Utility; and,
WHEREAS the approximately 600 stall Parking Structure will accommodate both the general public and employees of the ne...
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