Fiscal Note
Extension of tenant leases in the City owned property on Allied Drive beyond July, 2007 will result in increased holding costs prior to redevelopment of the property. Presently, the property management and other holding costs associated with these occupied properties is approximately $25,000 per month and were not anticipated to extend beyond July. The total amount of increased cost would be dependent on the additional length of time that these properties remain occupied. Holding costs of this nature would be eligible for reimbursement from TIF District #29 to the extent that sufficient increment is generated from redevelopment in the future.
Title
AMENDED SUBSTITUTE - Directing the Director of Planning and Development to provide written authorization to Meyer Realty and Management, Inc. to enter into new leases with individuals and families who are displaced from their housing due to nuisance abatement actions of the City of Madison if they are not part of the reason for the City nuisance abatement action and to renew leases of current tenants who are in good standing.
Body
WHEREAS, on May 16, 2006 the City of Madison acquired a 129-unit apartment complex located at 2317-2333, 2345-2355 and 2409-2437 Allied Drive ("Property"); and,
WHEREAS, on April 18, 2006 the Common Council adopted a resolution (Enactment No: RES-06-00366)) which authorized City staff, contingent upon City acquisition of the property, to negotiate an agreement for the ongoing management and maintenance of the property and that the proposed agreement be brought before the Common Council for further action; and,
WHEREAS, on June 20, 2006 the Common Council authorized the Mayor and City Clerk to execute a Property Management Agreement with Meyer Realty and Management, Inc. for the management of a City-owned 129-unit apartment complex located at 2317-2333, 2345-2355 and 2409-2437 Allied Drive; and,
WHEREAS, one of the terms and conditions of that agreement required...
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