Fiscal Note
This resolution authorizes the purchase of 23.143 acres of land for a total purchase price of $1,735,725, equating to a price of $75,000 per acre. Subject to the qualification cited below, up to one half of the purchase price ($867,862.50) will be funded by the Wisconsin Department of Natural Resources Stewardship grant, with the remainder funded by the City. Purchase of the property is contingent upon the receipt of State grant funding. The City’s portion of the purchase price, currently estimated at $867,862.50, will come from the Citywide Parkland Acquisition Fund (SI32). If the State grant funding available is less than $867,862.50, the City will cover the gap with additional funding from the Citywide Parkland Acquisition Fund not to exceed a total of $985,000 for the City’s portion of the purchase price. Additionally, $18,200 of project costs will be incurred by the City and will also be funded from the Citywide Parkland Acquisition Fund. This budget amendment therefore yields a total expenditure authorization increase of up to $1,753,925.
Title
Authorizing the execution of a Purchase Agreement with the Natural Heritage Land Trust, Inc. for the City’s acquisition of lands for the expansion of the Cherokee Marsh Conservation Park and amending the 2010 Parks Capital Budget to authorize the expenditure of funds for this acquisition.
Body
The City of Madison has acquired approximately 309 acres of fee simple lands and open space easements for the expansion of the Cherokee Marsh Conservation Park (the “Park”). The City has an opportunity to acquire additional lands for the Park.
The Natural Heritage Land Trust, Inc. (“NHLT”) will enter into a Purchase Agreement with Cherokee Park, Inc (“Cherokee”) (the “Cherokee/NHLT Agreement”), whereby Cherokee will agree to sell and NHLT will agree to purchase 23.143 acres (the “Property”) and whereby NHLT will execute an agreement with the City to subsequently transfer the Property to the City for the ...
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