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File #: 03194    Version: Name: Allied Drive - Purchase of former Hauk properties
Type: Resolution Status: Passed
File created: 3/15/2006 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 4/18/2006 Final action: 4/18/2006
Enactment date: 4/19/2006 Enactment #: RES-06-00366
Title: AMENDED - Authorizing the Director of the Department of Planning and Development to submit bids to the Receiver in Dane County Circuit Court Case No. 06CV357 for the purchase of the properties located at 2317, 2345, and 2409 Allied Drive; authorizing the Mayor and Clerk to execute a management agreement for management of the properties; and to authorize the Mayor and Clerk to enter into all necessary agreements to effect the sale and management during the City's ownership, and amending the 2006 Capital Budget to appropriate $5,875,000 to fund this purchase. 10th Ald. Dist.
Sponsors: David J. Cieslewicz, Kenneth Golden, Judy K. Olson, Brian Benford, Michael E. Verveer, Paul J. Van Rooy
Attachments: 1. allied exhibit.pdf, 2. Amendment.pdf, 3. 03194 amendment.pdf, 4. 03194 amendment form.pdf, 5. 03194 registration stmts.pdf, 6. 03194 ltr Project Home.pdf, 7. 03194 ltr Habitat of Humanity.pdf, 8. 03194 ltr Allied Dr. Stakeholders Group.pdf, 9. 03194 Noble Wray memo.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
4/18/20062 COMMON COUNCIL AdoptPass Action details Meeting details Not available
4/18/20062 COMMON COUNCIL AdoptPass Action details Meeting details Not available
4/10/20061 BOARD OF ESTIMATES (ended 4/2017) RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICERPass Action details Meeting details Not available
4/4/20061 COMMON COUNCIL ReferPass Action details Meeting details Not available
4/3/20061 PLAN COMMISSION Return to Lead with the Recommendation for ApprovalPass Action details Meeting details Not available
3/27/20061 BOARD OF ESTIMATES (ended 4/2017) ReferPass Action details Meeting details Not available
3/24/20061 Finance Dept/Approval Group Approved Fiscal Note By The Comptroller's Office (AFTER CC INTRO)  Action details Meeting details Not available
3/21/20061 COMMON COUNCIL Refer  Action details Meeting details Not available
3/21/20061 BOARD OF ESTIMATES (ended 4/2017) Refer  Action details Meeting details Not available
3/21/20061 PLAN COMMISSION Fiscal Note Required / Approval  Action details Meeting details Not available
3/15/20061 Planning Unit Fiscal Note Required / Approval  Action details Meeting details Not available
3/15/20061 Finance Dept/Approval Group Fiscal Note Pending  Action details Meeting details Not available
3/15/20061 Planning Unit Referred for Introduction  Action details Meeting details Not available
Fiscal Note
This resolution would authorize the City to purchase the residential properties in the Allied Drive neighborhood referred to as the "Hauk property" for a price not to exceed $6,000,000 including closing costs. In addition, it would authorize the City to contract for ongoing management and maintenance of these properties. While no amount has been specified for these holding costs, estimates have ranged from $150,000 to $250,000 per year.

Costs related to this proposed redevelopment project would be eligible TIF expenditures. However, these costs exceed the expenditures authorized in the adopted plan for the TIF district, and an amendment to the plan, approved by the Common Council and the Joint TIF Review Board, would be required to authorize TIF reimbursement. If such approval is not received, the City would be directly responsible for all costs associated with this project.

The 2006 Capital Budget authorizes expenditures of $1,000,000 in the Allied Terrace TIF District (TID #29) for redevelopment projects of this nature, funded with the available balance within the TIF fund. Therefore, funding for the first $1,000,000 of costs stemming from the proposed Hauk property acquisition is budgeted and available. This resolution amends the current budget to increase authorized expenditures by $5,875,000, funded with general obligation debt. The amendment would provide sufficient authorization to finance acquisition of the property and to pay any anticipated holding costs. The permanent borrowing would likely occur during the fall of 2006, and the actual amount borrowed would be reduced if known costs prove to be lower.

Because City acquisition of this property will remove it from the tax roll at least temporarily, the acquisition will not generate the additional increment needed to retire this new debt. The costs and debt service associated with this project would, therefore, be paid from future tax increment generated within the remainde...

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