Fiscal Note
The proposed resolution authorizes the execution of a purchase and sale agreement for the property located at 1814 S. Park St. Total expenses are estimated at $4,330,000. Of that total, $550,000 is estimated for demolition costs. Demolition is not expected until 2026 and will be included in the Economic Development Division’s (EDD) 2026 Capital Budget request.
The balance of the total expenses ($3,780,000) is available in the TID 51 capital program (program #99011) through carryforward budget authority from 2023 and 2024 and through the 2025 Adopted Capital Budget. Due to TID accounting rules, these funds should be transferred to the capital fund for purchase and maintenance of property within the TID. Therefore, the proposed resolution amends EDD’s capital budget to transfer $3,780,000 of budget authority from the TID 51 capital program to the Land Banking capital program (program #12640).
Title
SUBSTITUTE Amending the Economic Development Division’s (EDD) 2025 Adopted Capital Budget to transfer $3,780,000 from the TID 51 capital program (program #99011) to the Land Banking program (program #12640) and authorizing the City’s execution of a Purchase and Sale Agreement with J & R Properties of Wisconsin LLC for the purchase of the property located at 1814 S. Park Street for land banking purposes, authorizing the expenditure of funds for environmental assessment, title work, closing costs, holding costs, and demolition work for the same property, all totaling $4,330,000, and authorizing the indemnification of the Seller. (District 14)
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WHEREAS, J & R Properties of Wisconsin, LLC (the “Seller”) is the owner of a property, located at 1814 S. Park Street containing 54,913 square feet of land, as legally described in the Purchase and Sale Agreement attached hereto (the “Agreement”) and depicted on Exhibit B to the Agreement (the “Property”); and
WHEREAS, the City of Madison (the “City”) desires to purchase the Property for land banking purposes ...
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