Fiscal Note
The proposed resolution authorizes the execution of a Purchase and Sale Agreement (PSA) between the City of Madison and the owner of the property located at 1904 Wheeler Road for the expansion of the Cherokee Marsh Conservation Park for a total estimated cost of $2,360,000. The resolution also amends the Parks Division 2018 Capital Budget by appropriating $2,360,000 in Citywide Parkland Impact Fees to the Cherokee Marsh Conservation Park project. The anticipated cash balance of the Citywide Parkland Impact Fee account at the end of 2017 is $11,850,000 which is sufficient to cover this appropriation and the $9,000,000 currently appropriated to the Land Acqusition project for a downtown park and other potential expansions to other parks in the system.
Title
SUBSTITUTE - Amending the 2018 Adopted Parks Division Capital Budget and Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and the owner of the property located at 1904 Wheeler Road for the expansion of the Cherokee Marsh Conservation Park.
Body
WHEREAS, Cherokee Park Inc., a Wisconsin corporation, or a successor in interest including but not limited to: Cherokee Property Development, LLC, (the “Seller”) is the owner of the property located at 1904 Wheeler Road in the City of Madison, Dane County, Wisconsin; and
WHEREAS, the Seller desires to convey a portion of the property located at 1904 Wheeler Road, estimated at 31.227 acres, to the City of Madison (the “Buyer”), as legally described on attached Exhibit A and depicted as Parcel B on attached Exhibit B (the “Property”); and
WHEREAS, the City Parks Division (“City Parks”) identified the Property as a viable site for expansion of the adjacent Cherokee Marsh Conservation Park and desires to purchase the Property; and
WHEREAS, the purchase price contemplated in the Purchase and Sales Agreement (the Agreement”) is based upon a unit value for the land, as determined by an appraisal obtained by the Natural Her...
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