Fiscal Note
The proposed acquisition cost, prorated real estate taxes and related closing costs of approximately $278,260.50 are available in Account No. EW01-58201-810517-00-0000000-00000000-00000000.
Title
Authorizing the execution of an Offer to Sell Real Estate with FHB Investments, LLC for the purchase of Lot 52 and part of Lot 51 in the Fourth Addition to World Dairy Center for the development of a high capacity well in the southeast side of Madison.
Body
The City of Madison Water Utility (the “WU”) is seeking a site for a high capacity municipal well on the southwest side of the City. The WU has previously obtained approval to purchase 4901 Tradewinds Parkway and to conduct preliminary testing for the siting of a high capacity municipal well. Although the water quality was found to be acceptable, the projected capacity of the proposed well site did not meet the needs of the WU at this time. The WU determined that it would investigate an additional site to see if a capacity well could be developed at another location.
NOW, THEREFORE BE IT RESOLVED that the Common Council of the City of Madison authorizes the Mayor and City Clerk to execute an Offer to Sell and Purchase (“Offer”) with FHB Investments, LLC or assigns (the “Seller”) for approximately 1.825 acres of land located at 4949 Prairie Dock Drive ( the “Real Estate”), as shown and identified on attached Exhibit A, subject to the following terms and conditions:
1. Description. The Seller agrees to sell to the Buyer, and the Buyer agrees to purchase from the Seller, the Real Estate. The Real Estate is shown on Exhibit A and is legally described as: FOURTH ADDITION TO WORLD DAIRY CENTER, LOTS 52 & 51 EXC THAT PART OF LOT 51 DESC AS FOL: COM SE COR OF SD LOT 51, TH N 89 DEG 33 MIN 15 SEC W ALG S LN OF SD LOT 78.26 FT TO POB, TH N 89 DEG 33 MIN 15 SEC W 271.37 TO PT OF CUR LEFT, RAD 196 FT, CHRD BRS 56 DEG 09 MIN 54 SEC W 23.86 FT, TH N 45 DEG 28 MIN 04 SEC E 336.92 FT TO PT OF CUR LEFT, RAD 180 ...
Click here for full text