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File #: 26338    Version: Name: Union Corners RFP Reso
Type: Resolution Status: Passed
File created: 5/9/2012 In control: COMMON COUNCIL
On agenda: 5/15/2012 Final action: 5/15/2012
Enactment date: 5/18/2012 Enactment #: RES-12-00406
Title: SUBSTITUTE - Accepting the Land Banking RFP Process Report dated May 8, 2012, authorizing the drafting of a Request for Proposals to purchase and develop the Union Corners Properties located at 2507, 2504, and 2340 Winnebago Street, and creating an ad hoc Union Corners Committee to approve and release the Request for Proposals and review and select proposals submitted for recommendation to the Common Council in accordance with the process recommendation outlined in the Land Banking RFP Process Report. (Note changes to the section dealing with the Union Corners Committee.)
Sponsors: Paul R. Soglin, Shiva Bidar, Marsha A. Rummel, Mark Clear, Chris Schmidt
Attachments: 1. EDC Approved Land Banking Guidelines 2-3-10.pdf, 2. Union Corners Properties Exhibit 5-15-12.pdf, 3. Land Banking RFP Process Report 5-8-12.pdf, 4. 26338-Version1.pdf, 5. Version 2.pdf, 6. Version 3.pdf, 7. Registration Forms Common Council Meeting 5-15-12.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
5/15/20121 COMMON COUNCIL Adopt the following Amendment(s) to the SubstitutePass Action details Meeting details Not available
5/15/20122 COMMON COUNCIL TablePass Action details Meeting details Not available
5/15/20122 COMMON COUNCIL Take Off The TablePass Action details Meeting details Not available
5/15/20123 COMMON COUNCIL Adopt the Following Amendment(s)Pass Action details Meeting details Not available
5/15/20124 COMMON COUNCIL Adopt the Following Amendment(s)Pass Action details Meeting details Not available
5/15/20122 COMMON COUNCIL Adopt Substitute As AmendedPass Action details Meeting details Not available
5/9/20121 Economic Development Division RECOMMEND TO COUNCIL TO ADOPT UNDER SUSPENSION OF RULES 2.04, 2.05, 2.24, & 2.25 - MISC. ITEMS  Action details Meeting details Not available
Fiscal Note
The City purchased the Union Corners/Winnebago Street properties in 2010 for approximately $3.577M (including pro-rated taxes and closing costs). The properties are located within an established Tax Increment District (TID #37). As such, the debt service of approximately $420,000 per year is attributed to the TID. Upon sale of the properties, sale proceeds will be credited to the TID. If the sale proceeds exceed the City's purchase price, the allocation of the additional funds will be subject to Council approval in a future Resolution.
Title
SUBSTITUTE - Accepting the Land Banking RFP Process Report dated May 8, 2012, authorizing the drafting of a Request for Proposals to purchase and develop the Union Corners Properties located at 2507, 2504, and 2340 Winnebago Street, and creating an ad hoc Union Corners Committee to approve and release the Request for Proposals and review and select proposals submitted for recommendation to the Common Council in accordance with the process recommendation outlined in the Land Banking RFP Process Report.
(Note changes to the section dealing with the Union Corners Committee.)


Body
WHEREAS, the City of Madison established a Land Banking Fund to purchase and stabilize developable parcels of land in the City of Madison; and,

WHEREAS, the City’s Economic Development Committee approved guidelines (attached) for the purchase and sale of land acquired with Land Banking Funds; and,

WHEREAS, the City used the Land Banking Fund to purchase properties located at 2507, 2504, and 2340 Winnebago Street (“Union Corners Properties”), as shown in the attached Exhibit; and,

WHEREAS, City staff has reviewed the process used to dispose of other properties purchased with the Land Banking Fund; and,

WHEREAS, City staff has summarized their review and provided a future process recommendation in the Land Banking RFP Process Report (attached); and,

WHEREAS, the creation of an ad hoc Union Corners Committee is required to sell...

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