Fiscal Note
The proposed resolution authorizes the termination of existing land contracts between the CIty and Madison Ice MIA, LLC and Madison Ice Hartmeyer, LLC for the ice arenas located at 725 Forward Dr (Madison Ice Arena) and 1810 and 1824 Commercial Ave (Hartmeyer Ice Arena), respectively. The resolution further authorizes the fee simple sale of said properties to Madison Ice Inc. (Madison Ice Arena) and East Madison Ice Collective (Hartmeyer Ice Arena) for $1. The resolution further authorizes the restructuring of the existing land contracts with Madison Ice Inc. and East Madison Ice Collective into forgivable loans, such that the existing land contract debt for both facilities and the existing balance of a 2017 capital improvement loan for the Hartmeyer Ice Arena made to Madison Ice Inc. will result in the eventual forgiveness of approximately $1,613,365. In exchange for this debt forgiveness and land sale, East Madison Ice Collective will be required to raise the equivalent of $3.0 million for capital improvements to Hartmeyer Ice Arena. No additional City appropriation is required.
Title
Authorizing the eventual forgiveness of $1,613,365 of debt held by Madison Ice Inc. for the Madison Ice Arena (725 Forward Drive) and Hartmeyer Ice Arena (1810 and 1834 Commercial Avenue), authorizing the termination of existing land contracts for both ice arenas with Madison Ice Hartmeyer, LLC and Madison Ice MIA, LLC (Madison Ice, Inc.), authorizing the fee simple sale of Hartmeyer Ice Arena to East Madison Ice Collective and the fee simple sale of Madison Ice Arena to Madison Ice, Inc. for $1, authorizing a fundraising requirement of approximately $3 million by East Madison Ice Collective for capital improvements to Hartmeyer Ice Arena, and authorizing additional terms related to the renegotiation of the City’s relationship to the ice arenas (District 12 and District 19).
Body
WHEREAS, the City of Madison historically owned Madison Ice Arena at 725 Forward Drive...
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