Title
Report of Proposed Transfer of Real Property in the Badger-Ann-Park Redevelopment Area
Body
This Report of Proposed Transfer of Real Property is issued pursuant to Section 66.1333(9)(a)1.of the Wisconsin Statutes. The Community Development Authority of the City of Madison, Wisconsin (the “Authority”), proposes the following transfer of real property located in the Badger Ann Park Redevelopment Area (the “Redevelopment Area”).
The Authority intends to transfer certain real property in the Redevelopment Area by quit claim deed to Burr Oaks Senior Housing, LLC (the “Developer”). The property to be transferred consists of the land and associated property interests in the real estate located at 2409 and 2413 Cypress Way and 826, 830, 834 and 838 West Badger Road in the City of Madison (collectively, the “Authority Properties”).
In accordance with the letter of intent and a development agreement to be executed by and between the Developer and the Authority:
(a) Use of the Authority Properties will be restricted in a manner which will carry out the objectives of the Badger Ann Park Redevelopment Plan, for the prevention and alleviation of the conditions of urban blight found by the Authority and the City to be present in the Redevelopment Area.
(b) The Authority shall prepare a certified survey map to assemble and subdivide certain property in the Redevelopment Area, including the Authority Properties.
(c) After demolishing all improvements thereon, the Authority shall convey the Authority Properties to Developer for the purchase price of $300,000, and Developer’s affiliate Horizon Construction Group, Inc. shall design and construct thereon a fifty (50) unit affordable senior housing project and associated amenities. The purchase price shall be valid until December 31, 2010.
(d) The Authority shall use its best efforts to obtain and commit thirty (30) Section 8 project-based housing vouchers for the Project by May 31, 2011 and to secure additional annual ...
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