Fiscal Note
The proposed resolution authorizes the City’s purchase of two commercial parcels for land banking purposes. The estimated acquisition cost for the property is $940,000 plus another $40,000 for an environmental site assessment, title work, and miscellaneous closing costs. Additionally, an estimated $20,000 for property holding costs and $200,000 for demolition costs will be needed, bringing the total to approximately $1.2 million. The property purchase, holding costs, and demolition costs will be entirely funded by the Economic Development Division’s Land Banking capital program, which has approximately $4.2 million in available budget authority.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Lutz Properties, LLC, for the City’s acquisition of the property located at 814 North Avenue and 826 North Avenue for land banking purposes. (14th AD)
Body
WHEREAS, Lutz Properties, LLC (the “Seller”) is the owner of two adjacent parcels of property, with one parcel being located at 814 North Avenue containing 38,127 square feet of land and 8,200 square feet of commercial warehouse space, and the second parcel being located at 826 North Avenue containing 24,510 square feet of vacant commercial land, both as legally described on Exhibit A and depicted on Exhibit B, attached hereto (collectively, the “Property”); and
WHEREAS, the City of Madison (the “City”) desires to purchase the Property for land banking purposes that are being contemplated in the updated South Madison Plan; and
WHEREAS, the Mayor directed City Real Estate staff to pursue the purchase of suitable properties in the South Park Street corridor; and
WHEREAS, the City’s acquisition of the Property would provide expanded opportunities for the City to guide future housing and commercial development; and
WHEREAS, the Seller agrees, in accordance with an executed Purchase and Sale Agreement (the “Agreement”), to sell the Property to the City for ...
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