Fiscal Note
The City’s total costs for acquiring the Property are an estimated $1,268,891 (including purchase costs of $1,224,580 ($14 per sq ft x 87,470 sq ft), $34,311 for prorated taxes and miscellaneous closing costs, and $10,000 for a Phase 2 Environmental Assessment). The City is selling the property for $1,312,050 ($15 per sq ft x 87,470 sq ft). The Property is within Tax Incremental Financing District No. 36 Capitol Gateway and the costs to acquire the Property were charged to the TID. Sale proceeds will be credited to the TID.
Title
Accepting a Selection Committee’s recommendation of The Rifken Group, LTD proposal for the purchase and redevelopment of City-owned properties in the 800 Block of East Washington Avenue and authorizing the execution of a Purchase and Sale Agreement with The Rifken Group, LTD and Irgens Development Partners, LLC for the purchase and redevelopment of these properties.
Body
WHEREAS, the City of Madison established a Land Banking Fund to purchase and stabilize developable parcels of land in the City of Madison; and,
WHEREAS, the City’s Economic Development Committee approved guidelines for the purchase and sale of land acquired with Land Banking Funds (attached); and,
WHEREAS, the City used the Land Banking Fund to purchase properties in the 700 and 800 Blocks of East Washington Avenue (the “Sites”), as shown on the attached; and,
WHEREAS, the City issued a Request for Proposals (the “RFP”) seeking developer interest in the purchase and redevelopment of the Sites; and,
WHEREAS, the City received six proposals (the “Proposals”) that met the submission requirements of the RFP; and,
WHEREAS, an ad-hoc “Selection Committee” of Alders, City staff, and development professionals approved by the Mayor reviewed the Proposals, and have recommended that the following proposals for the Sites be accepted by the Common Council:
- 700 Block North Site: Gebhardt Development, LLC Proposal
- 800 Block North Site: Urban Land Interest, ...
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