City of Madison - File #: 41524

• File #: 41524
• Version: 1
• Name: 10924 Dedication - Outlot 2 & 3 First Addtn to Nelson's Addtn to Rustic Acres
• Type: Resolution
• Status: Passed
• File created: 1/22/2016
• In control: BOARD OF PUBLIC WORKS
• On agenda: 3/1/2016
• Final action: 3/1/2016
• Enactment date: 3/2/2016
• Enactment #: RES-16-00172
• Title: Authorizing the execution of a Purchase and Sale Agreement by the City of Madison, for the purchase of two platted outlots located at 334 Rustic Drive and 134 Venus Way, from AnchorBank FSB.
• Sponsors: Amanda Hall

Date	Ver.	Action By	Action	Result
3/1/2016	1	COMMON COUNCIL	Adopt Under Suspension of Rules 2.04, 2.05, 2.24, and 2.25	Pass
2/17/2016	1	BOARD OF PUBLIC WORKS	RECOMMEND TO COUNCIL TO ADOPT UNDER SUSPENSION OF RULES 2.04, 2.05, 2.24, & 2.25 - REPORT OF OFFICER
2/8/2016	1	PLAN COMMISSION	Return to Lead with the Recommendation for Approval	Pass
2/2/2016	1	BOARD OF PUBLIC WORKS	Refer
2/2/2016	1	COMMON COUNCIL	Refer	Pass
1/22/2016	1	Economic Development Division	Referred for Introduction

Fiscal Note
No fiscal impact.
Title
Authorizing the execution of a Purchase and Sale Agreement by the City of Madison, for the purchase of two platted outlots located at 334 Rustic Drive and 134 Venus Way, from AnchorBank FSB.
Body
Anchor Bank FSB (“Anchor”) is the owner of Outlot Two (2) and Outlot Three (3), First Addition to Nelson’s Addition to Rustic Acres, located at 134 Venus Way and 334 Rustic Drive, respectively, City of Madison, Dane County, Wisconsin (collectively, the “Property”). Anchor obtained the Property by a Sheriff’s Deed on Foreclosure recorded on March 4, 2015 as Document No. 5133119.

The Property is subject to a plat reservation which limits the use of the Property to public storm water management purposes. Due to said plat reservation, Anchor has no interest in keeping ownership of the Property and contacted the City of Madison (“City”) about the possibility of dedicating the Property to the City.

The City Attorney’s Office and the City Engineering Division reviewed and approved the dedication from Anchor, with the request that the dedication be at no cost to the City, and access to the Property be allowed to perform a Phase 1 Environmental Site Assessment if deemed necessary by the City, to ensure the Property is free of adverse environmental conditions prior to conveyance.

A Purchase and Sale Agreement (“PSA”) has been negotiated and executed by Anchor for the sale of the Property. Adoption of this resolution will authorize the City to execute the PSA, as well as any other associated documents required to accomplish the dedication of the Property to the City.

NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of Madison hereby authorizes the execution of a Purchase and Sale Agreement between the City (“Buyer”) and AnchorBank FSB (“Seller”) for the purchase of two outlots that are owned by the Seller located at 134 Venus Way and 334 Rustic Drive, City of Madison, Dane County, Wisconsin, legally described in atta...