Fiscal Note
This resolution authorizes the purchase of property for the proposed Central Park. The purchase price of the property is $1,627,300 (with $100,000 of the purchase price to be deposited by the Seller into a Demolition Escrow at closing). The City portion of pro-rated real estate taxes is estimated at $6,500 (assuming an August 1, 2011 closing date), and miscellaneous closing costs of $2,000 are anticipated. Stabilization costs include $30,000 for the demolition costs of the buildings and related improvements on the Property in the event that costs exceed the funds in the Demolition Escrow and $30,000 for environmental assessments and any required remediation of the Property.
Funding for this purchase and related costs is available within the 2011 Parks Division Adopted Capital Budget, under Project #31 "Central Park - Brearly Square". This project contains total funding of $1,916,040, consisting of $1,466,040 in General Obligation Debt and $450,000 of impact fees from the Citywide Parkland Acquisition Fund SI32. Of the General Obligation Debt, $630,000 is reauthorized from 2010, and the remaining $836,040 is TIF reimbursable from TID #36 "Capitol Gateway Corridor".
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Research Products Corporation, for property located at 204 South Ingersoll Street for the proposed Central Park and the funding of costs associated with the stabilization of the property.
Body
The City of Madison is developing Central Park (the “Park”), an urban park in the East Isthmus Corridor on the near east side. The Park is expected to provide park and recreation facilities to meet the needs of the neighborhood and community, enhance the city’s economic development potential, and stimulate renewed focus of the greater Isthmus as an employment center. The Park will interconnect jobs, housing, and recreation and create a signature feature and destination for the city.
The City ...
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