City of Madison - File #: 80423

• File #: 80423
• Version: 1
• Name: Authorizing the inclusion of a Land Use Restriction Agreement as an exhibit to the Purchase and Sale Agreement between Core Spaces, LLC (“Purchaser”) and the City of Madison for the Purchaser’s acquisition of the property located at 405 W. Gorham Street
• Type: Resolution
• Status: Passed
• File created: 10/17/2023
• In control: FINANCE COMMITTEE
• On agenda: 11/21/2023
• Final action: 11/21/2023
• Enactment date: 11/22/2023
• Enactment #: RES-23-00730
• Title: Authorizing the inclusion of a Land Use Restriction Agreement as an exhibit to the Purchase and Sale Agreement between Core Spaces, LLC (“Purchaser”) and the City of Madison for the Purchaser’s acquisition of the property located at 405 W. Gorham Street (District 4)
• Sponsors: Michael E. Verveer, MGR Govindarajan, Derek Field

Date	Ver.	Action By	Action	Result
11/21/2023	1	COMMON COUNCIL	Adopt and Close the Public Hearing	Pass
11/13/2023	1	PLAN COMMISSION	Return to Lead with the Recommendation for Approval	Pass
10/23/2023	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
10/17/2023	1	FINANCE COMMITTEE	Refer
10/17/2023	1	COMMON COUNCIL	Refer	Pass
10/16/2023	1	Department of Planning and Community and Economic Development	Referred for Introduction

Fiscal Note
The proposed resolution authorizes the inclusion of a Land Use Restriction Agreement to the Purchase and Sale Agreement authorized by Leg file 79643 (RES-23-00579). If the Purchaser fails to comply with the Agreement, the City would be eligible for compensation, and the Economic Development Division’s budget would be amended in that instance. No additional City appropriation is required with the approval of the proposed resolution.
Title
Authorizing the inclusion of a Land Use Restriction Agreement as an exhibit to the Purchase and Sale Agreement between Core Spaces, LLC (“Purchaser”) and the City of Madison for the Purchaser’s acquisition of the property located at 405 W. Gorham Street (District 4)
Body
WHEREAS, as a university city, the City of Madison has a need for affordable student housing; and

WHEREAS, Section 28.071 of the Madison General Ordinance allows for buildings within the Downtown Height Map to exceed the maximum number of stories if the development or redevelopment receives City of Madison funding to support affordable units; and

WHEREAS, the Common Council adopted RES-23-00579 on September 19, 2023 authorizing the negotiation and execution of a Purchase and Sale Agreement for the property at 405 W. Gorham St between the City and Core Spaces, LLC (“Purchaser”);

WHEREAS, the City and Purchaser have negotiated the terms of the Purchase and Sale Agreement, including a sale price of $1 as a form of financial contribution to support affordable units with the contingency that the Purchaser, City, and the University of Wisconsin-Madison enter into a mutual agreement regarding affordable student housing to be included in the proposed development; and

WHEREAS, the City and Purchaser have negotiated the terms of the Purchase and Sale Agreement, including requiring Purchaser to execute a land use restriction agreement with specific affordability requirements;

NOW, THEREFORE, BE IT RESOLVED that the City’s Common Council hereby autho...