Fiscal Note
Net sale proceeds shall be deposited into Account No. ESTM-78310-810388-00-53B0963.
Title
Authorizing the execution of an Agreement for Purchase/Sale of Building Structures pertaining to the house and two-car garage located at 311 N. Marquette Street. (15th AD)
Body
WHEREAS, the City Engineering Division acquired the residential property located at 311 N. Marquette Street to accommodate construction of the Starkweather Creek Path and Streambank Project, with the acquisition authorized by Resolution Enactment No. RES-06-00687, File Number 04146, enacted on 8/7/2006; and
WHEREAS, the City Engineering Division will advertise a Request for Bids to Purchase and Relocate the three-bedroom house and garage located on the property; and
WHEREAS, the City Engineering Division will select the successful bidder (the "Buyer"); and
WHEREAS, the bid document requires that the Buyer comply with the terms and conditions of an Agreement for Purchase/Sale of Building Structures to be entered into between the City and the Buyer.
NOW, THEREFORE BE IT RESOLVED that the Common Council of the City of Madison (the "City") hereby authorizes the execution of an Agreement for Purchase/Sale of Building Structures with the successful bidder (the "Buyer") of the house and two-car garage (the "Building Structures") located at 311 N. Marquette St. (the "Premises"), as depicted on attached Exhibit A, subject to the following terms and conditions:
1. Purchase Price and Closing.
a. The purchase price of the Building Structures shall be established upon awarding of the bid and shall be payable in cash at closing.
b. The City agrees to execute and deliver to the Buyer at closing a Bill of Sale conveying the Building Structures to the Buyer. The Building Structures shall be conveyed on an as-is, where-is basis.
c. Closing shall take place within five (5) business days following approval by the City of Madison Common Council, or at a later date agreed to by ...
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