Fiscal Note
The proposed resolution authorizes the purchase of the property located at 3030 Darbo Dr. Acquisition costs are estimated at $3.0 million. Funding for the proposed acquisition and associated expenses are available in two capital programs. The Community Development Division's 2022 Adopted Capital Budget included $2.5 million of American Rescue Plan Act (ARPA) funds for the Salvation Army Darbo Site (Munis project 13775). The Economic Development Division's Land Banking capital program will fund the remaining $500,000 (Munis project 12640). The proposed resolution further authorizes the execution of a lease agreement for the property after closing of the sale to The Salvation Army for $1 a year through December 31, 2026 with two successive 1-year extension options. No additional City appropriation is required.
Title
Authorizing the City’s execution of a Purchase and Sale Agreement and Lease between the City of Madison and The Salvation Army or their successors and assigns, for the purchase of the property located at 3030 Darbo Drive in the City of Madison, and leaseback period subsequent to closing. (District 15)
Body
WHEREAS, The Salvation Army (“Seller”) is the owner of the property located at 3030 Darbo Drive which contains 2.57 acres of land and all improvements thereon (“Property”), legally described as follows:
LOT 2 OF CERTIFIED SURVEY MAP 7652, RECORDED NOVEMBER 15, 1994 IN VOLUME 40, PAGES 47-49 AS DOCUMENT NO. 2645258 AND BEING CORRECTED BY AFFIDAVIT RECORDED JUNE 10, 1996 IN VOLUME 33141, PAGE 73 AS DOCUMENT NO. 2799665, BEING LOCATED IN THE NORTHEAST ¼ AND NORTHWEST ¼ OF THE NORTHWEST ¼ OF SECTION 5, TOWNSHIP 7 NORTH, RANGE 10 EAST, CITY OF MADISON, DANE COUNTY, WISCONSIN, BEING OUTLOT A, LOTS 1-4 AND 9-19 EXCEPT THE NORTHERLY 5 FEET OF LOTS 16-19, ALL IN DARBO’S ADDITION.
EXCEPTING THEREFROM THAT PORTION OF LAND CONVEYED IN WARRANTY DEED RECORDED IN DOCUMENT NO. 4229987 AND FURTHER EXCEPTING THEREFROM THAT PORTION OF LAND CONVEYED IN ...
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