City of Madison - File #: 45980

• File #: 45980
• Version: 1
• Name: Authorizing the City of Madison to sell Outlot 17 in the Plat known as Village of Autumn Lake to Veridian Homes, LLC pursuant to RES-06-00077 and Option to Purchase dated February 20, 2006.
• Type: Resolution
• Status: Passed
• File created: 2/1/2017
• In control: BOARD OF PARK COMMISSIONERS
• On agenda: 2/28/2017
• Final action: 2/28/2017
• Enactment date: 3/2/2017
• Enactment #: RES-17-00148
• Title: Authorizing the City of Madison to sell Outlot 17 in the Plat known as Village of Autumn Lake to Veridian Homes, LLC pursuant to RES-06-00077 and Option to Purchase dated February 20, 2006.
• Sponsors: Samba Baldeh

Date	Ver.	Action By	Action	Result
2/28/2017	1	COMMON COUNCIL	Adopt
2/20/2017	1	PLAN COMMISSION	Return to Lead with the Recommendation for Approval	Pass
2/13/2017	1	BOARD OF ESTIMATES (ended 4/2017)	Return to Lead with the Recommendation for Approval	Pass
2/8/2017	1	BOARD OF PARK COMMISSIONERS	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
2/7/2017	1	BOARD OF PARK COMMISSIONERS	Refer
2/7/2017	1	BOARD OF PARK COMMISSIONERS	Refer
2/7/2017	1	COMMON COUNCIL	Refer	Pass
2/1/2017	1	Parks Division	Referred for Introduction

Fiscal Note
The purchase price for Outlot 17 (approximately 6 acres), shall be calculated in accordance with the Option to Purchase Agreement between the City of Madison and Veridian dated February 20, 2006. The purchase price shall be $45,000 per acre plus interest from March 30, 2006 (the date of the recording of the Village of Autumn Lake Plat in the Office of the Dane County, Wisconsin Register of Deeds) to the date of the payment, at the rate of four (4%) percent per annum compounded annually (the “Per Acre Price”). The total purchase price shall be calculated by multiplying the Per Acre Price by each full and partial acre contained within the Property (identified as Outlot 17 in the agreement), which will constitute the Purchase Price. Based on a closing date of March 3, 2017, the Purchase Price is estimated to be $418,791. The Purchase Price shall be credited to the Citywide Parkland Fee fund pursuant to RES-15-00467.

Title
Authorizing the City of Madison to sell Outlot 17 in the Plat known as Village of Autumn Lake to Veridian Homes, LLC pursuant to RES-06-00077 and Option to Purchase dated February 20, 2006.

Preamble
On March 30, 2006, Veridian Homes, LLC (“Veridian”) recorded the plat for the subdivision known as the Village of Autumn Lake. During the platting process, Outlot 17 was dedicated to the City of Madison for public or school purposes, with the intent that said outlot may be utilized by the Sun Prairie School District (“SPSD”) in which the plat is located. Veridian was granted an option by the City of Madison (City”) to potentially purchase the lands on which the school would be located in order to facilitate such long term planning. On February 20, 2006, an Option to Purchase (“Option”) was entered into by the City and Veridian that dictated the conditions of the potential sale, including the purchase price of the lands, as authorized by the Common Council under RES-06-00077. The Notice of Option was recorded by Veridian on March ...