Fiscal Note
By adoption of this resolution the City relinquishes its existing right to future ownership of this 102 unit townhouse development as such right is set forth in the 1971 Agreement. In lieu of this right, the City will acquire a future right to acquire the property for one dollar if Bayview receives an offer to purchase the property for a use other than affordable housing. No fiscal impact.
Title
SUBSTITUTE - Resolution authorizing the Mayor and City Clerk to execute a Termination of Agreement with Bayview Foundation, Inc. to release the City’s future ownership rights in the Bayview Foundation’s property located in the Triangle Plat in the City of Madison and accepting a grant of right of first refusal in the property from Bayview.
Body
Preamble
In 1969 the Redevelopment Authority of the City of Madison entered into a Contract for Sale of Land for Private Redevelopment with Bayview Foundation, Inc., a Wisconsin non-profit corporation (“Bayview”). Under this Contract the Redevelopment Authority agreed to convey Lot Three, Block Three, Triangle Plat (the “Property”) to Bayview for Bayview’s construction thereon of low and moderate income rental housing. The Contract also provided that Bayview was to subsequently enter into an agreement with the City of Madison under which Bayview would convey the Property, including all improvements thereon, to the City at no cost to the City upon Bayview’s satisfaction of its mortgage loan. The City and Bayview entered into such an agreement on July 16, 1971 (the “Agreement”) requiring Bayview to convey the Property to the City at no cost to the City upon the satisfaction by Bayview of all its mortgage obligations on the Property.
Bayview is a 102-unit townhouse complex located in the Triangle Neighborhood in the Park Street corridor. Since its construction in 1970, Bayview has been occupied by low- and moderate-income families and individuals. Bayview is scheduled to satisfy its mortgage obligations on the Propert...
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