Fiscal Note
The Adopted 2016 Capital Budget includes $167,500 in the Stormwater Utility's budget for the Marsh Road Land Acquisition project. The total acquisition costs are estimated to be $160,000 broken out as follows: $130,000 for the purchase price of the Real Estate, $25,000 for demolition costs, and $5,000 for miscellaneous closing costs (prorated taxes, filing fees etc). Munis No. 11447-84-110.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Thomas R. Welch and Carol L. Welch for the purchase of a parcel located at 3629 Marsh Road.
Body
WHEREAS, Thomas R. Welch and Carol L. Welch, (together, the “Seller”) are the owners of an improved residential parcel located at 3629 Marsh Road, (the “Property”) which has been zoned into the City of Madison’s (the “City”) Regulatory Floodplain; and
WHEREAS, on August 2, 2016, the Common Council authorized the City’s Storm Water Utility to accept a Municipal Flood Control Grant (the “Grant”) award administered by the Wisconsin Department of Natural Resources to purchase the Property, remove all structures and return the Property to a natural floodway for the expansion of the Main Penito Creek Greenway; and
WHEREAS, the Grant will reimburse the City 50% of property acquisition costs up to $83,750; and
WHEREAS, the Property will be owned and managed by the City’s Storm Water Utility, which already owns adjacent floodway lands; and
WHEREAS, the City’s Storm Water Utility and the Office of Real Estate Services have negotiated terms with the Seller for the purchase of the Property; and
WHEREAS, the purchase price is supported by an appraisal obtained by the Seller and reviewed and approved by the City’s Office of Real Estate Services.
NOW, THEREFORE BE IT RESOLVED that the Mayor and City Clerk are hereby authorized to execute a Purchase and Sale Agreement (the “Agreement”) between the City of Madison (the “Buyer”) and Thomas R. Welch and Carol L. Welch (together, the ...
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