Fiscal Note
The 2009 Library Capital Budget includes funding of $3,500,000 for this project (Project No. 1, CB18-58310-810530). This funding is intended to cover all of the costs related to the project, including the purchase of the condominium unit (“grey box”) as authorized in this resolution and estimated to cost about $2,155,400. The final cost will be determined after the developer enters into a construction contract which is required to include a guaranteed maximum price per square foot for construction of the building with cost-savings sharing mechanisms and open bidding parameters. Budgeted funds will also be used to design and build out the interior of the condo unit, purchase parking, and furnish the building. Contracts related to those items will need to be approved by the Council in future resolutions.
Title
Authorizing the execution of a Purchase and Sale Agreement with the Urban League of Greater Madison (“ULGM”) for the purchase of a condominium unit for the expansion of the South Madison Branch Library within a proposed new building to be constructed by the ULGM at The Villager located at 2200 South Park Street.
Body
The City has negotiated with the Urban League of Greater Madison (the “ULGM”) terms and conditions of a Sale and Purchase Agreement for an approximately 12,000 square foot condominium unit (the “Library Condo Unit”) within a proposed new building (the “Building”) to be constructed by the ULGM at The Villager located at 220 South Park Street for the expansion of the South Madison Branch Library. The Library Condo Unit will be located on the first floor of the Building and will be completed to “grey box” specifications agreed to by the parties. The City will be responsible for the design and build out of the interior of the Library Condo Unit.
NOW, THEREFORE BE IT RESOLVED that the Common Council of the City of Madison (the “City”) hereby authorizes the execution of a Sale and Purchase Agreement between the City and the Urban Leag...
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