Fiscal Note
No significant additional cost is anticipated for the reissuance of an RFP. There may be some maintenance and holding costs if development is delayed (including, for example, the loss of potential interest income of approximately $3,300 for each month's delay in closing, based on a $4,000,000 sale price and the City's current investment return of approximately 1% annually). The City’s total costs for acquiring the Properties are an estimated $4,096,509 (including purchase cost of $3,983,980 ($14 per sq ft x 284,570 sq ft), $90,029 for prorated taxes and miscellaneous closing costs, and $22,500 a Phase 2 Environmental Assessment). The Properties are within Tax Incremental Finance District No. 36 Capitol Gateway and the costs to acquire the Properties were charged to the TID. Sale proceeds will be credited to the TID. Legistar 25056 (introduced to Council on 1/10/12, with final Council approval pending) provides for the sale of 800 South Block site of E. Wash. Ave. to the Rifken Group for $1,312,050 ($15 per square foot x 87,470 sq. ft.) and Legistar #25885 (introduced to Council on 4/5/12 with final Council approval pending) provides for the sale of the 800 North Block site of E. Wash. Ave. to Urban Land Interest, LLC. for an estimated $2,956,500 ($15 per square foot x 197,100 sq. ft.), or total anticipated sale proceeds for these parcels of $4,268,550.
Title
Rejecting a Selection Committee's recommendation of the Urban Land Interests, LLC proposal and The Rifken Group, LTD proposal for the purchase and redevelopment of City-owned properties in the North and South 800 Blocks of East Washington Avenue, authorizing the creation of a Don Miller Land Banked Property Selection Committee and authorizing the execution of a Request For Proposal ("RFP") 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...
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