Fiscal Note
The purchase price for the proposed purchase and sale agreement is $525,000. Proceeds from the sale will be used to pay down approximately $308,000 of outstanding special assessments in the Center for Industry and Commerce (CIC) with the remaining revenue being deposited in the General Land Acquisition Fund or General Fund. No additional City appropriation is required with the sale of this property.
Title
Authorizing a Purchase and Sale Agreement with Weldcorp Mfg, LLC for the sale of Lots 27 and 28 within the Center for Industry and Commerce (“CIC”).
Body
WHEREAS, The Common Council adopted a resolution (RES-13-00460) on June 18, 2013 which authorized the execution of an “Agreement to Terminate the ‘Agreement to Purchase and Undertake Development of the Northeast Industrial Property’” (“Purchase and Development Agreement”) which was executed between the City of Madison (“City”) and The Center for Industry & Commerce, LLC (“LLC”) for the development of a mixed-use industrial park; and,
WHEREAS, the City assumed ownership of the remaining vacant properties located within The Center for Industry & Commerce, LLC (“CIC”) at that time; and,
WHEREAS, the City has since been selling vacant property within CIC for light industrial and business uses; and,
WHEREAS, Weldcorp Mfg, LLC is a growing existing employer interested in relocating to CIC; and,
WHEREAS, Weldcorp Mfg, LLC and City staff have agreed to the principal terms of a sale of property within CIC at a market sales price, with no City financial support provided,
NOW THEREFORE BE IT RESOLVED, that the Common Council authorizes the Mayor and Clerk to execute a Purchase and Sale Agreement with the Purchaser on substantially the following terms and conditions:
Purchaser: Weldcorp Mfg, LLC. and/or Assigns, with the prior written notice of the City of Madison
Seller: City of Madison (“City”)
Property: Lots 27-28 totaling 210,395 square feet (approximately 4.83 acres).
Purchase Price: P...
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