Fiscal Note
The 2007 Library Capital Budget includes a new Eastside Branch Library in Grandview Commons (project no. 4). The project narrative references the land donation in 2006 and notes that construction is anticipated in 2013. (The Agreement with DJK Real Estate, LLC states that ownership of the donated property will revert back to the donors if construction is not commenced within 7 years from the date of conveyance of the property.) This resolution alters the schedule for the capital donations, but the aggregate donation amount of $225,000 remains the same. Under the original Agreement, $25,000 was initially deposited with the Madison Public Library Foundation with an additional $40,000 annually for five years. This resolution changes the donation schedule to $50,000 by March 1, 2007, $25,000 on the first anniversary of the initial donation, and $150,000 upon commencement of construction of the foundation of the new branch.
Title
Amending Enactment No. RES-06-00608 concerning donations of land and capital for the development of a new library branch to be located in Grandview Commons
Body
On July 18, 2006, the Common Council adopted Enactment No. RES-06-00608 which authorized the Mayor and Clerk to execute a Definitive Agreement with DJK Real Estate, LLC ("Donors") concerning donations of land and capital for a new library branch at Grandview Commons. Donors wish to amend the proposed schedule of their capital donations; the aggregate amount of the capital donations ($225,000) remains the same. The Library Board, at its January 4, 2007 meeting, was advised of and consented to the new scheduled donation dates.
Now, therefore be it resolved that:
1. Paragraph 1(f) of Enactment No. RES-06-00608 is amended and restated as follows:
(f) Capital Donation. On or before March 1, 2007, Donors shall deposit $50,000 in a segregated account with the Madison Public Library Foundation. Donors shall deposit an additional $25,000 on the first anniv...
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