Fiscal Note
No appropriation is required to formulate and support a committee to issue and review a Request for Proposals for potential development of the 800 north block of East Washington Avenue. Any agreement with potential developers will require further Common Council approval.
Title
SUBSTITUTE - Creating an Ad Hoc East Washington Avenue 800 Block North Committee to approve and release an RFP, and select and recommend to the Common Council a proposal for the purchase and development of the 800 Block North Properties utilizing the process recommendation outlined in the Land Banking RFP Process Report. ; and, authorizing Economic Development Division staff to enter into direct negotiations for the sale of 800 Block South Properties with developers with proposals meeting certain specified criteria.
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,
WHEREAS, the City used the Land Banking Fund to purchase properties located at 802 and 854 E. Washington Avenue ("800 Block North Properties"); and, 801, 815, and 819 E. Washington Avenue, along with 806 and 820 E. Main Street (“800 Block South Properties”), as shown in the attached Exhibit; and,
WHEREAS, the City's Economic Development Committee approved Land Banking Fund Guidelines dated February 3, 2010 (attached) for the purchase and sale of land acquired with Land Banking Funds; and,
WHEREAS, the Common Council approved the Land Banking RFP Process Report dated May 8, 2012 (attached), which further describes the RFP process to be used for the sale of property purchased through the Land Banking Fund, should an RFP process be desired; and,
WHEREAS, the City desires to sell the 800 Block North Properties through an RFP process; and,
WHEREAS, the City desires to make the 800 Block South Properties available for sale through a direct, negotiated sale process; and,
WHEREAS, the creation of an ad hoc East Was...
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