City of Madison - File #: 21384

• File #: 21384
• Version: 1
• Name: 9371 Don Miller Acquisition Revision
• Type: Resolution
• Status: Passed
• File created: 2/10/2011
• In control: COMMON COUNCIL
• On agenda: 2/22/2011
• Final action: 2/22/2011
• Enactment date: 2/23/2011
• Enactment #: RES-11-00159
• Title: Authorizing the revision of the Purchase and Sale Agreement with East Washington LLC and East Washington II, LLC (collectively the “Sellers”) for the purchase of properties owned by the Sellers located in Blocks 133, 143 and 144 of the Original Plat of the City of Madison.
• Sponsors: David J. Cieslewicz, Bridget R. Maniaci, Marsha A. Rummel

Date	Ver.	Action By	Action	Result
2/22/2011	1	COMMON COUNCIL	Adopt Under Suspension of Rules 2.04, 2.05, 2.24, and 2.25	Pass
2/14/2011	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT UNDER SUSPENSION OF RULES 2.04, 2.24, & 2.25 - (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
2/10/2011	1	Economic Development Division	Referred for Introduction

Fiscal Note
Adoption of this resolution has no direct budgetary impact. If MG&E exercises its First Right of Refusal and the City purchases a slightly smaller East Washington Avenue development site than originally anticipated, as allowed by this resolution, the City's total acquisition cost for the property would be reduced by $231,000 from the $5,566,436 originally approved. This reduced price would result in lower general obligation borrowing and correspondingly lower debt service costs charged to TIF district #36 in future years.
Title
Authorizing the revision of the Purchase and Sale Agreement with East Washington LLC and East Washington II, LLC (collectively the “Sellers”) for the purchase of properties owned by the Sellers located in Blocks 133, 143 and 144 of the Original Plat of the City of Madison.
Body
On November 30, 2011 the Common Council adopted a resolution (File ID: 20460 Enactment Number: RES-10-00934) that approved the terms and conditions and authorized the execution of a Purchase and Sale Agreement (the “PSA”) with East Washington, LLC and East Washington II, LLC (the “Sellers”) for the acquisition of properties owned by the Sellers located along East Washington Avenue in Blocks 133, 143, and 144 of the Original Plat of the City of Madison (the “Properties”). The primary reason to acquire the Properties was to preserve, to the fullest extent possible, the principles of coherent urban infill redevelopment that are highlighted in the adopted Comprehensive Plan, the Tenney-Lapham Neighborhood Plan, and the East Washington Capitol Gateway Corridor Plan. Land Banking funds were authorized to be used for the acquisition of the Properties.

Madison Gas & Electric Company has a Right of First Refusal on one of the Properties, shown on the attached Exhibit, located in Block 144 (the “806 East Main Street Property”). The PSA terms and conditions approved by the Common Council resolution do not enable the City to acquire the balance of the Prope...