Fiscal Note
The proposed resolution authorizes the execution of a Purchase and Sale Agreement between the City of Madison and the owner of the property. The estimated acquisition cost is $4,250,000 for the parcel plus $50,000 in additional real estate costs for environmental site assessment, title work, miscellaneous closing costs, and staff time for a total amount of $4,300,000. The source of acquisition funding will be cash available in the City’s General Land Acquisition Fund, subject to adoption of the 2027 Capital Budget (see Finance Committee amendment #1 to the 2027 Executive Capital Budget). $42,500 of earnest money will be paid in 2026 utilizing existing carryforward budget authority in the General Land Acquisition Fund (Munis program 63060). The $50,000 of additional real estate costs for environmental site assessment, title work, miscellaneous closing costs, and staff time will be paid in 2026 and 2027 utilizing existing carryforward budget authority in the General Land Acquisition Fund.
Assuming the Lease contemplated in Exhibit B is executed following City’s acquisition of the property, the Lessee will be responsible for paying maintenance and repair expenses, property taxes, and will pay the City $2,000/month as rent, which will be deposited in the General Land Acquisition Fund.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and the J. W. Jung Seed Co. for the City’s acquisition of the property located at 1313 Northport Drive, and execution of a Lease between the City of Madison and J. W. Jung Seed Co. for the property located at 1313 Northport Drive upon the City’s acquisition. (District 18)
Body
WHEREAS, J. W. Seed Company, a Wisconsin Corporation (“Seller”) is the owner of the property containing approximately 147,638 square feet of land and an approximately 22,127 square foot commercial building, located at 1313 Northport Drive, as legally described in the attached Exhibit A (“Property”); and,
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