Fiscal Note
The proposed resolution authorizes the sale of City owned parcels within the Center for Industry and Commerce. The total purchase price is $2,666,433. Proceeds for the sale will be used to pay out outstanding assessments for the parcels being sold, the total outstanding is $630,205. The balance of the sale proceeds will be deposited in the General Land Acquisition fund.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and John Schlueter (and/or assigns) for the purchase of certain City-owned Lots in The Center for Industry & Commerce.
Body
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. Under the terms of the Purchase and Development Agreement, the LLC deeded back to the City, at no cost, 14 lots it had previously purchased from the City in exchange for the mutual termination of the Purchase and Development Agreement and being relieved of any remaining obligations, including the obligation to purchase an additional 78 lots from the City. Due to the termination of the Purchase and Sale Agreement the City owns lots within The Center for Industry & Commerce (“The CIC”). These lots are being marketed by the City. The adoption of this resolution will authorize the sale of: Part of Lot 71, Lots 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, vacated R.O.W. east of Lots 72, 73, 74, 75, 76, 77, 78, 79, and 80, portions of Lots 43, 44, 45, 46, and 47 that are located west of the “to be built” Ronald Reagan Avenue owned by the City in The CIC.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of Madison hereby authorizes the exec...
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