Fiscal Note
This resolution would amend 2011 Parks Capital Project #4 "Parkland Acquisition" by the addition of $867,000 of funding from SI 32 "Citywide Parkland Development Fee", to be used for the purchase of property related to the expansion of Merrill Springs Park. The SI 32 fund has sufficient cash reserves for this acquisition. A total of $1,121,120 was available in the fund at the end of 2010. A further $556,196 of revenues, mostly from Park Development Fees, are anticipated in 2011. Other expenditures of $626,105 are expected in 2011, including $450,000 for Bearly Square. The projected remaining balance of $1,051,211 would therefore be more than adequate to cover the new project costs of $867,000 for the Margetis property.
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SUBSTITUTE Authorizing the execution of an Offer to Sell Real Estate between the City of Madison and the Mary K. Margetis Trust for the purchase of a lot located at 5100 Spring Court for the expansion of Merrill Springs Park and authorizing the amendment of the 2011 Parks Capital Budget for the acquisition.
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Merrill Springs Park is located along the eastern edge of Lake Mendota at 5102 Spring Court, providing spectacular views of Lake Mendota. The park was dedicated to the Madison Park & Pleasure Drive Association “for park purposes” as part of the development of the Spring Harbor subdivision in 1910. Madison Park & Pleasure Drive Association conveyed its properties to the city in 1937. The current area of the park is 0.28 acres.
The City’s legacy of acquiring lakefront property for the enjoyment and general welfare of the public took root in the 1890’s, initiated by the philosophy of John Olin who during his tenure established 8 miles of public water frontage. For the past 120 years, the City has continued his efforts through implementing his suggestions from Madison a Model City to secure for public use the most important lake frontages with a view to the formation of a “Four Lakes District”. In the spirit of t...
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