Fiscal Note
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Title
Report of Proposed Transfer of Real Property in the Todd Drive / West Beltline Redevelopment Area.
Body
This Report of Proposed Transfer of Real Property is issued pursuant to Section 66.1333(9)(a)1. of the Wisconsin Statutes. The Community Development Authority of the City of Madison, Wisconsin (the "Authority"), proposes the following transfer of real property located in the Todd Drive/West Beltline Redevelopment Area (the "Redevelopment Area").
The Authority intends to transfer certain real property in the Redevelopment Area by quit claim deed to Landmark Gate, LLC (the "Developer"). The property to be transferred consists of the land, improvements and associated property interests in the real estate located at 2818 Todd Drive and 2703, 2705 and 2709 West Beltline Highway in the City of Madison (collectively, the "Beltline Properties").
In accordance with the Agreement to Undertake Development between the Developer and the Authority, and the deeds to be executed at closing by the Authority:
(a) Use of the Beltline Properties will be restricted in a manner which will carry out the objectives of the Todd Drive/West Beltline Redevelopment Plan, for the prevention and alleviation of the conditions of urban blight found by the Authority and the City to be present in the Redevelopment Area;
(b) The Developer shall use the Beltline Properties for the development and construction thereon of a commercial building containing approximately 84,000 leasable square feet and associated parking;
(c) The Developer shall pay to the Authority a purchase price for the Beltline Properties which is equal to the cost to the Authority in acquiring the Beltline Properties.
The Authority, by Resolution No. 2681, adopted on January 12, 2006, approved of the transfer to the Developer after a public hearing thereon, and determined that the proposed transfer is at fair market value.
Reference is made to CDA Resolution No. 2681 and to ...
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