Fiscal Note
Funding for the acquisition costs of $209,000, closing costs, not to exceed $4,500, and demolition costs, not to exceed, $40,000 for well and septic abandonment, environmental site assessment, asbestos removal, demolition are available in Engineering Account No. CS53-58110-810543-00-53W0391.
Title
Authorizing the acceptance of an Offer to Sell from Wayne J. and Theresa Murphy for a vacant residential property located at 3727 CTH M in the Town of Middleton for the future Junction Road/Mineral Point Road intersection reconstruction project.
Body
PREAMBLE
The City of Madison Engineering Division has created the Mineral Point Road and Junction Road Intersection reconstruction project. The property located at 3727 CTH M, which is just south of the Mineral Point Road and Junction Road intersection, is needed for the proposed reconstruction project. The property is a vacant single-family residence with detached garage on an approximate 19,000 lot, and is owned by Wayne J. and Theresa Murphy. The property is currently listed for sale with an asking price of $250,000. The City Engineering Division requested that City Real Estate staff enter into negotiations with the owners for the purchase of the property. The Murphys have agreed to sell the property to the City of Madison and have signed an offer to sell in the amount of $209,000. The purchase price is supported by an appraisal obtained by the City. The City Engineering Division and the City Real Estate staff have reviewed and approve of the offer.
NOW, THEREFORE, BE IT RESOLVED, that the Common Council of the City of Madison (“City”) authorizes the acceptance of the Offer to Sell, in the amount of Two Hundred Nine Thousand and no/100 Dollars ($209,000.00) submitted to the City of Madison by Wayne J. and Theresa Murphy (“Seller”) for the property located at 3727 CTH M (“Property”), as legally described and depicted on attached Exhibit A. The property being required by the City Engineering D...
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