Fiscal Note
This resolution authorizes the purchase of land for the expansion of Cherokee Marsh Conservation Park, funded in part by the Citywide Parkland Acquisition Fund (SI32). The purchase of $380,000 will be made by The Natural Heritage Land Trust, Inc. and is funded via a combination of State, County and City resources. The estimated City contribution is $84,000, including $81,000 for land acquisition and $3,000 for miscellaneous closing costs including any real estate transfer taxes. Sufficient funding is available within Fund SI32 to allow for this purchase and related costs. Sufficient budgetary authorization exists for the purchase within the 2012 Parks Adopted Capital Budget, Project #4 - Parkland Acquisition.
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Authorizing the execution of a Purchase Agreement with the Natural Heritage Land Trust, Inc. for the City’s acquisition of lands (the Wheeler Triangle”) for the expansion of the Cherokee Marsh Conservation Park.
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The City of Madison has acquired approximately 330 acres of fee simple lands and open space easements for the expansion of the Cherokee Marsh Conservation Park (the “Park”). The City has an opportunity to acquire additional lands for the Park.
The Natural Heritage Land Trust, Inc. (the “NHLT”) has entered into a Purchase Agreement with Cherokee Park, Inc (“Cherokee”), dated September 13, 2011, whereby Cherokee has agreed to sell and NHLT has agreed to purchase 5.821 acres (located at Wheeler Road and Comanche Way in Madison (known as the Wheeler Triangle) (the “Property”). The “Purchase Price” for the Property is $380,000 and is supported by an appraisal. The NHLT’s obligation to purchase the Property is contingent upon the NHLT obtaining grants or contributions for the purchase of the Property in an amount not less than the Purchase Price.
The Common Council adopted a resolution (File No. 23685) on September 7, 2011 which supported the application by the NHLT for a Wisconsin Knowles-Nelson Stewardship Program (the ...
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