City of Madison, Wisconsin | Legislative Information Center
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File #: 27864    Version: Name: 10033 Theresa Terrace Neighborhood Center
Type: Resolution Status: Passed
File created: 9/28/2012 In control: COMMUNITY SERVICES COMMITTEE
On agenda: Final action: 10/30/2012
Enactment date: 11/7/2012 Enactment #: RES-12-00831
Title: SUBSTITUTE Authorizing the execution of Option to Purchase Agreement with John P. Schneider LLC for the City’s acquisition of a condominium duplex located at 1409-1411 Theresa Terrace for a neighborhood center.
Sponsors: Paul R. Soglin, Matthew J. Phair, Lisa Subeck
Attachments: 1. 10033 - 1409 Theresa Ter Resol Exhibit B.pdf, 2. 27864 V1 Master29-Oct-2012-01-20-23.pdf
Fiscal Note
Funds for the Option Payment(s) of $7,500 plus appraisal expenses are authorized in the 2012 operating budget of the Office of the Director of Planning, Community and Economic Development (PCED, Account GN01-54950-212000). Funding to exercise the purchase price option of $135,000 (and additional renovation expenses) is included in the 2013 Executive Capital Budget of PCED (Project No. 8, "Neighborhood Centers," Acc't NO. 810559). Any Option Payment paid by the City will be credited against the purchase price at time of closing.
Title
SUBSTITUTE Authorizing the execution of Option to Purchase Agreement with John P. Schneider LLC for the City’s acquisition of a condominium duplex located at 1409-1411 Theresa Terrace for a neighborhood center.
Body
The City of Madison is completing a neighborhood center study which, when approved by the Common Council, will provide a process for locating neighborhood centers. The proposed 2013 Capital Budget includes funding for the acquisition and/or renovation/construction of neighborhood centers. A condominium duplex located at 1409 and 1411 Theresa Terrace (collectively the “Property”) has been identified for potential acquisition and renovation as a neighborhood center. The owner has agreed to hold off on leasing the Property for a period of time to allow the City to complete the neighborhood center study and determine whether the Property would be suitable for the location of a neighborhood center. A Letter of Intent has been executed between the City and the owner John P. Schneider LLC setting forth the terms and conditions for an Option to Purchase Agreement (the “Option Agreement”) for the acquisition of the Property. The Option Agreement will provide the City with a ninety (90) day period (and one thirty (30) day extension period) to exercise its option to purchase to assess the feasibility and cost of renovating the Property for a neighborhood center, to obtain an appraisal which supports the purcha...

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