Fiscal Note
The proposed resolution authorizes a sale between the City of Madison and Greywolf Partners, Inc. or its assigns for six City-owned lots in the Center for Industry and Commerce. The total purchase prices is $965,842.50. Proceeds from the sale will be distributed to the General Land Acquisition Fund (account no. 14006010-48110-00000). Roughly $227,637 of sale proceeds will be applied towards outstanding special assessments on the six lots sold. In addition, a brokerage fee of $28,975.28 will be paid to CBRE Brokerage Services. After paying $1667 for title and closing costs, the remaining net proceeds of $707,563.23 will be applied towards paying off special assessments on properties owned by the City of Madison located elsewhere within the Center for Industry and Commerce.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Greywolf Partners, Inc. for the purchase of City-owned Lots 21-23 and Lots 32-34 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, and was relieved of any remaining obligations, including the obligation to purchase an additional 78 lots from the City. The City currently owns 66 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 Lots 21-23 and Lots 32-34 owned by the City in The CIC.
NOW, THEREFORE, BE IT RE...
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