Fiscal Note
The proposed resolution authorizes the execution of a Purchase and Sale Agreement between the City of Madison and the owner of the property. The estimated acquisition cost is $850,000 for the parcel plus $20,000 in additional real estate costs for environmental site assessment, title work, miscellaneous closing costs, and staff time for a total amount of $870,000. Funding of up to $870,000 is authorized within the Parks Division’s 2024 Adopted Capital Budget Land Acquisition Program #17128 (Minor project #14940).
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and the Estate of Francis J. Muzik Jr. for the City’s acquisition of the property located at 346 E. Lakeside Street for assemblage with Olin Park. (District 13)
Body
WHEREAS, the Estate of Francis J. Muzik Jr. (“Seller”) is the owner of the property containing 9,639 square feet of land and a two-unit residential building, located at 346 E. Lakeside Street legally described in the attached Exhibit A (“Property”); and
WHEREAS, the City of Madison (“City”) desires to purchase the Property for assemblage with Olin Park, as the acquisition of properties in the vicinity of Olin Park is a long term goal of the City’s Parks Division; and
WHEREAS, the City’s adopted 2018 Comprehensive Plan identifies the Property as parkland on the Generalized Future Land Use Map with the following note: “The existing office and residential uses are recommended to continue until a future opportunity arises to convert this area to public park and open space use …;” and
WHEREAS, the City’s acquisition of the Property would add approximately 65 linear feet of shoreline for public access to Lake Monona, while providing expanded opportunities for recreational uses in this heavily used park, which is consistent with the City’s adopted 2018 Park and Open Space Plan includes the recommendation to “Improve Public Access to Lakes”; and
WHEREAS, the Seller agrees, by virtue o...
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