Title
Amending the 2011 Capital Budget to allow the construction of an assessable street project for the proposed Manufacturers Drive Assessment District-2011. (17th AD)
Body
WHEREAS, the Developer, Gregory A. Rice; John R. Brigham; Rice Associates, a Wisconsin General Partnership; Brigham Woods Corporation, A Wisconsin Corporation, and Barbara J. Hoel, (collectively Rice/Brigham and Hoel) entered into an agreement on November 1, 2004 with the City of Madison for the Agreement to Purchase and Undertake Development of the Interstate Commerce (the “Agreement”); and
WHEREAS, The Agreement states that the City shall construct public improvements, including public roads (including storm sewer), water and sanitary sewer to each phase; and
WHEREAS, it is further contemplated that the cost of said public improvements will be specially-assessed against the Property, conditionally deferred for up to ten (10) years, and collected by the City when individual lots are sold by Rice/Brigham or Hoel to third party buyers, to include Rice/Brigham or a wholly-owned subsidiary of Rice/Brigham if it purchases a lot as a third party buyer, or when a building permit is issued, whichever occurs first, but not when a phase of the Property is first conveyed to Rice/Brigham or an affiliate of Rice/Brigham; and
WHEREAS, The Developer has requested that the City construct the public infrastructure improvements on Manufacturers Drive to serve lots 11-13, 28-32 in Interstate Commerce Park and Lots 1 and 2 of CSM 12546; and
WHEREAS, The City shall approve, by separate resolution, the Plans, Specifications and Schedule of Assessments for the proposed Manufacturers Drive Assessment District-2011, which is anticipated to occur in July 2011.
NOW, THEREFORE, BE IT RESOLVED, that:
1. That the City at large is justly chargeable with and shall pay the sum of $0.00 the entire cost of said improvement, and that the sum assigned to each separate parcel shall be specially assessed.
2. That the 2...
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