City of Madison, Wisconsin | Legislative Information Center
Share to Facebook Share to Twitter Bookmark and Share
File #: 28083    Version: 1 Name: 9931 Acquisiton 1910 Lake Point
Type: Resolution Status: Passed
File created: 10/29/2012 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 11/27/2012 Final action: 11/27/2012
Enactment date: 11/28/2012 Enactment #: RES-12-00880
Title: Amending the 2012 adopted capital budget of the Planning, Community and Economic Development agency to provide funding of $150,000 and authorization for the acquisition of 1910 Lake Point Drive to further support redevelopment efforts in the Lake Point neighborhood .
Sponsors: Tim Bruer
Fiscal Note
The Resolution amends the 2012 adopted capital budget of the Planning, Community and Economic Development agency to provide funding of $150,000 for land acquisition (and related closing costs) of 1910 Lake Point Drive. The property is located withing the boundaries of TID 27, to which the acquisition expenses will be attributed. There are sufficient TID cash proceeds to allow for the acquisition without additional borrowing.
Title
Amending the 2012 adopted capital budget of the Planning, Community and Economic Development agency to provide funding of $150,000 and authorization for the acquisition of 1910 Lake Point Drive to further support redevelopment efforts in the Lake Point neighborhood .
Body
WHEREAS, the draft Lake Point Redevelopment District plan recognizes the Hoboken Road and Lake Point Drive intersection as the gateway to the Lake Point neighborhood;

WHEREAS the Madison Mutual Housing Association Inc. owns a former 4 unit apartment building located at 1910 Lake Point Drive currently occupied and leased to the Lake Point Community Center (Center) ;

WHEREAS the City of Madison (City) has negotiated a purchase agreement with Madison Mutual Housing Association (MMHA) to acquire 1910 Lake Point Drive for $ 140,000 for the purposes of long-term assemblage and redevelopment of this gateway intersection;

WHEREAS the Lake Point Community Center lease expires on August 31, 2013;

WHEREAS the acquisition of this property in 2012 will provide the Center eight months to evaluate its program.

NOW THEREFORE BE IT RESOLVED that the Common Council of the City of Madison authorizes the purchase agreement with Madison Mutual Housing Association for the acquisition of 1910 Lake Point Drive (the “Property”).

BE IT FURTHER RESOLVED that the conditions of the sale include the following:

· The purchase price is $ 140,000
· The Center will remain in occupancy through August 31, 2013.
· The closing shall occur in 2012

BE IT FURTHER RESOLVED that fun...

Click here for full text