Fiscal Note
CDBG funds in an amount not to exceed $125,000 (previously approved via Common Council resolutions recited in the Preamble below) are available within the Housing Development Fund for the cost of this acquisition, including reimbursement of tenant relocation expenses, external debt pay-off, miscellaneous closing costs and property management. No impacts on the tax levy or cost controls
Title
FOURTH SUBSTITUTE RESOLUTION - Accepting an Offer to Sell from Friends Community Housing, Inc. for an eight-unit apartment building located at 4713-4717 Jenewein Road.
Body
PREAMBLE
On June 15, 2004, the Common Council adopted Resolution No. 61585, ID No. 36063, authorizing the Mayor to negotiate for the transfer of the property located at 4713-4717 Jenewein Road to the City of Madison for activities that support the Allied Vision and approving the provision of up to $75,000 in additional CDBG funds to facilitate the transfer of the property for such expenses as relocation, external debt pay-off, and closing and transfer costs. On November 9, 2004, the Common Council adopted Resolution No. 62023, ID No. 36996, authorizing the provision of up to an additional $50,000 in CDBG funds to facilitate this transfer. The City's Real Estate Section and the CDBG office have negotiated the terms of a sale with Friends Community Housing, Inc. and Friends Community Housing, Inc. has executed and delivered an Offer to Sell the subject property to the City, which Offer to Sell was amended by Amendment Extending Offer to Sell dated January 12, 2005.
NOW, THEREFORE BE IT RESOLVED that the City of Madison "(City") hereby accepts an Offer to Sell, as amended by Amendment Extending Offer to Sell dated January 12, 2005 (collectively, the "Offer") from Friends Community Housing, Inc. (the "Seller") for the property located at 4713-4717 Jenewein Road, as shown on the attached map and described as Lots 103 and 104, 1st Addition to Allied Terrace, City of Madison (the "Pr...
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