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Informational presentation and discussion regarding future management of Thorstrand Estate in Marshall Park
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The City of Madison purchased the Thorstrand Estate in 1978 for purposes of expanding Marshall Park. Shortly after the City purchased the property, the improvements on the site (mansions and garage) were designated as historic landmarks and accepted to the National Register of Historic Places. The City entered into a 99 year lease agreement for the improvements at 1 and 2 Thorstrand Rd. There will be an informational presentation regarding the history of the leases, challenges faced by lessees and discussion of considerations for amendment of existing lease. On March 8, 2023, The Board of Park Commissioners received an informational overview of the lease and were asked to provide feedback regarding requests to amend the current lease, which expires January 30, 2080. On May 17, 2023, the Commission was briefed regarding the outcomes of research into potential alternatives to lease amendments, including the feasibility of pursuing alternative public use of the property. Following a due diligence process, it was determined that alternative uses for public purposes were not feasible due to a number of concerns. On August 14, 2024, staff will provide an informational overview of potential solutions to the lease concerns related to Thorstrand Estates. The Commission will be asked to provide additional feedback and possible recommendations for staff to further pursue.