Fiscal Note
The proposed resolution authorizes an amendment to the Purchase and Sale Agreement (PSA) as outlined in the body of the resolution. The cost to the City for the purchase of the property have not changed since adoption of RES-26-00146 (Legistar file 92105): the estimated acquisition, holding, demolition, environmental testing, and pre-development costs for the property remain $6.2 million. No additional appropriation required with adoption of this resolution.
Title
Authorizing an amendment to the Purchase and Sale Agreement with RDC Development, LLC, or their successors or assigns, as previously authorized by Resolution RES-26-00146, Legistar #92015, for the purchase of seventeen properties addressed as 404 Cottage Grove Road; 514, 526, 533 & 551 Pinney Street; 3752 Sargent Street; 3708 Olbrich Avenue; 702, 804, 808, 812, 816, 820, 824, 828 & 832 Royster Avenue, and 501 Grand Oak Trail, Madison, WI 53714 for land banking purposes (District 15).
Body
WHEREAS, the Common Council approved RES-26-00146 (Legistar 92015) on March 10, 2026 for the purchase of property at properties located at 404 Cottage Grove Road; 514, 526, 533 & 551 Pinney Street; 3752 Sargent Street; 3708 Olbrich Avenue; 702, 804, 808, 812, 816, 820, 824, 828 & 832 Royster Avenue, and 501 Grand Oak Trail, Madison, WI 53714; and,
WHEREAS staff recommends making the following substantive changes to the Purchase and Sale Agreement, which are summarized below and reflected in the Attached Exhibit A:
- Making the City's obligation to close on the purchase contingent on the Joint Review Board's approval of a project plan amendment to Tax Increment District #44 allocating $4,000,000 for the purchase of the Property.
- Revising the due diligence period from 90 to 60 days, and revising the timeline to closing following the end of the due diligence period from 45 to 30 days.
- Revising the outside closing date from July 15, 2026 to July 31, 2026.
NOW, THEREFORE, BE IT RESOLVED that the Comm...
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