Fiscal Note
The proposed resolution authorizes the appointment of City employees to the condo associations for the State Street Campus Garage development and the Madison Public Market. The Parking Utility will be required to pay association fees to the State Street Campus Condominium Owners Association, Inc. to cover the costs of common area and limited common area maintenance in accordance with the Declaration and Bylaws. This expense will be included in future Parking Division Operating Budgets.The City will be required to pay limited association fees to the Madison Public Market Condominium Owners Association, Inc. related to administration of the Association, as day-to-day maintenance of the property will be the financial responsibility of the Madison Public Market Foundation. Administrative costs for the Association will be absorbed within the Economic Development Division's (EDD) 2026 Adopted Operating Budget and included in future operating budgets. No additional appropriation required.
Title
Appointing City staff to represent the City of Madison on the Board of Directors of the State Street Campus Condominium Owners Association, Inc. and the Board of Directors of the Madison Public Market Condominium Owners Association, Inc. (District 2 and District 12).
Body
WHEREAS, pursuant to Legistar File No. 78329 and a Ground Lease with Lake Street Student, LLC, the City of Madison will purchase two condominium units (the State Street Campus Garage and Inter-City Bus Terminal) within the State Street Campus Condominium, generally located at 415 N. Lake Street for a purchase price of $1.00; and,
WHEREAS, a third unit (Theory Madison Apartments) will be privately owned; and,
WHEREAS, the owners of the three units collectively will share in the responsibility for managing common elements and limited common elements within the condominium; and,
WHEREAS, the management of these common elements and limited common elements will be governed by the Declaration of the ...
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