City of Madison - File #: 55117

• File #: 55117
• Version: 2
• Name: Authorizing an Addendum to the Annexation / Attachment Agreement between the City of Madison and Cherokee Park Development, Inc. to close the land bank in the agreement.
• Type: Resolution
• Status: Passed
• File created: 3/19/2019
• In control: FINANCE COMMITTEE
• On agenda: 4/30/2019
• Final action: 4/30/2019
• Enactment date: 5/6/2019
• Enactment #: RES-19-00355
• Title: Authorizing an Addendum to the Annexation / Attachment Agreement between the City of Madison and Cherokee Park Development, Inc. to close the land bank in the agreement.
• Sponsors: Rebecca Kemble

Date	Ver.	Action By	Action	Result
4/30/2019	2	COMMON COUNCIL	Adopt	Pass
4/22/2019	2	PLAN COMMISSION	Return to Lead with the Recommendation for Approval	Pass
4/22/2019	2	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
4/16/2019	2	FINANCE COMMITTEE	Referred
4/16/2019	2	COMMON COUNCIL	Refer	Pass
4/10/2019	2	BOARD OF PARK COMMISSIONERS	Return to Lead with the Recommendation for Approval	Pass
3/19/2019	1	COMMON COUNCIL	Refer	Pass
3/19/2019	1	Parks Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes an addendum to the agreement between the City of Madison and Cherokee Park Development, Inc. The addendum recognizes a final reconciliation of parkland dedication requirements and authorizes a related payment. Based upon a mutually agreeable accounting, the City will pay to Cherokee Park Development an amount not to exceed $104,157.41. This payment represents the value of the dedicated land that was in excess of dedication requirements. Funding for this payment is available in the Parks Division Land Acquisition capital project (Munis 17128).
Title
Authorizing an Addendum to the Annexation / Attachment Agreement between the City of Madison and Cherokee Park Development, Inc. to close the land bank in the agreement.
Body
WHEREAS, the City of Madison ("City") and Cherokee Park Development, Inc. ("CPI") entered into an Annexation / Attachment Agreement ("Agreement") on April 11, 2007 to address future development of CPI lands; and,

WHEREAS, Paragraph 4(c)(ii) of the Agreement specifies that CPI will dedicate certain lands, known as the Stewart Property, to the City to serve as a land bank for park dedication requirements of anticipated future CPI development; and,

WHEREAS, the City and CPI agreed on the value of the Stewart Property lands, based in part on the development potential of the lands; and,

WHEREAS, the City and CPI agreed that when all development was completed, an accounting would occur to determine whether the Stewart Property dedication exceeded the actual dedication required; and,

WHEREAS, the City and CPI agreed that the City would compensate CPI for the value of the dedicated land in the land bank that was in excess of dedication requirements; and,

WHEREAS, in early 2009, the City accepted the Stewart Property dedication; and,

WHEREAS, the City purchased the Fifth Addition to Cherokee Park plat lands from CPI in 2010, thereby reducing the anticipated park dedication requirements covered by t...