Fiscal Note
Land acquistion and staff time costs of $100,000 were anticipated and appropriated within the 2006 Capital Budget. Based upon two appraisals, an additional $60,000 has been negotiated to purchase the property located at 2305 Winnebago Street for a total acquisition cost of $160,000. The $160,000 negotiated sales price, $5,000 for closing costs and staff time, are TIF eligible and will be reimbursed from future tax increment generated. Until sufficient TIF increment is generated, funds will be internally borrowed to finance these project costs.
Given the negotiated sales price of $160,000 and $5,000 in closing and staff costs, an amendment of $65,000 shall be authorized and appropriated in the 2007 Capital Budget account CS53-58110-810556-00-53W0387-53TIF037 to acquire the Winnebago Street property.
Title
Authorizing the execution of an Offer to Purchase Real Property with the Estate of Donald Felland for the acquisition of 2305 Winnebago Street and amending the 2007 Capital Budget to authorize the expenditure of additional funds for this acquisition.
Body
PREAMBLE
On September 6, 2006 the Common Council adopted a resolution (Resolution Enactment No. RES-06-00717 ID No. 04230) determining a public purpose and necessity and adopting a relocation order for the acquisition of a property located at 2305 Winnebago Street (the "Property") for the relocation of Winnebago Street from South Sixth Street to LaFollette Avenue and amending the 2006 Capital Budget to authorize the expenditure of an additional $100,000 for the estimated acquisition costs associated with this project. The Property is owned by the Estate of Donald Felland (the "Owner"). Based on two appraisals, the Office of Real Estate Development has negotiated a purchase price and executed a Letter of Intent with the Owner for the acquisition of the Property. The Letter of Intent provides that, subject to Common Council approval, an Offer to Purchase Real Property will be ...
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