Fiscal Note
The City’s total costs for acquiring the Property are an estimated $2,827,618 (including purchase cost of $2,759,400 ($14 per sq ft x 197,100 sq ft), $55, 718 for prorated taxes and miscellaneous closing costs, and $12,500 for a Phase 2 Environmental Assessment). The City is selling the Property for a minimum price of $2,956,500 ($15 per sq ft x 197,100 sq ft). The Property will be sold in phases so the exact sale price cannot be determined until all the phases are sold. The City is selling the Initial Phase of the Property for $739,125 ($15 per sq ft x 49,000 sq ft). The $15 per sq foot sale price will escalate at 3% per year for each of the remaining 3 phases until they are sold. The Property is within Tax Incremental Finance District No. 36 Capitol Gateway and the costs to acquire the Property were charged to the TID. Sale proceeds will be credited to the TID.
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Accepting a Selection Committee’s recommendation of the Urban Land Interests, LLC proposal for the purchase and redevelopment of City-owned properties in the 800 Block of East Washington Avenue and authorizing the execution of a Purchase and Sale Agreement with Urban Land Interests, 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 “Proposals”) that met the submission requirements of the RFP; and,
WHEREAS, an ad-hoc “...
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