City of Madison - File #: 17831

• File #: 17831
• Version: 1
• Name: 7976 Purchase Sale Agmt - 523 E. Main
• Type: Resolution
• Status: Passed
• File created: 3/15/2010
• In control: COMMON COUNCIL
• On agenda: 4/13/2010
• Final action: 4/13/2010
• Enactment date: 4/16/2010
• Enactment #: RES-10-00327
• Title: Authorizing the execution of a Purchase and Sale Agreement with LT McGrath, LLC for the purchase of the former Water Utility Administration building located at 517 and 523 East Main Street.
• Sponsors: Marsha A. Rummel, Lauren Cnare

Date	Ver.	Action By	Action	Result
4/13/2010	1	COMMON COUNCIL	Refer to a future Meeting to Adopt	Pass
3/23/2010	1	WATER UTILITY BOARD	Return to Lead with the Recommendation for Approval	Pass
3/22/2010	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
3/22/2010	1	PLAN COMMISSION	Return to Lead with the Recommendation for Approval	Pass
3/16/2010	1	COMMON COUNCIL	Referred	Pass
3/15/2010	1	Community and Economic Development Unit	Referred for Introduction

Fiscal Note
Net sale proceeds will be credited to the Water Utility.
Title
Authorizing the execution of a Purchase and Sale Agreement with LT McGrath, LLC for the purchase of the former Water Utility Administration building located at 517 and 523 East Main Street.
Body
The Water Utility declared that its administrative office building located at 517 and 523 East Main Street (the “Property”) surplus to its needs when it moved to its new office building on Olin Avenue in 2005. The Surplus Property Procedures in place at that time provided that other City departments had to be notified of the surplusing of the Property and provided an opportunity to express their interest in the Property. No City department expressed its interest in the Property and the Surplus Property Procedures provided that the Property, if it was determined to be in the best interests of the City, could be sold to an abutting property owner. Several offers were received but terms of a sale could not be negotiated. The Surplus Property Procedures were codified into an ordinance in 2009. However, the Water Utility was exempted from the ordinance and could list and sell the Property as a market transaction. The Property has been listed for sale. Several offers have been received and rejected by the Water Utility. The terms of a Letter of Intent to purchase the Property have been negotiated with LT McGrath, LLC for the purchase of the Property and its redevelopment as a multi-family development with underground parking. The terms of the Letter of Intent and the purchase price have been approved by the Office of Real Estate Services. This resolution will authorize the execution of a Sale and Purchase Agreement between the City and LT McGrath, LLC incorporating the terms and conditions of the Letter of Intent.

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 LT ...