Fiscal Note
The estimated cost for the land acquisition is $2,400,000, plus prorated taxes of $52,000, holding costs of $24,000, and other closing costs of $16,000, for a total transaction cost of $2,492,000.
Funding of $1,400,000 for the project was authorized as an amendment to the 2012 Fleet Service capital budget (Legistar #26754, RES-12-00510, adopted 7/3/12). The funding is General Obligation debt. The remainder of $1,092,000 is available in the City’s General Land Acquisition Fund (CL21), which has a current available balance of an estimated $2.8M.
The budget will be amended as follows:
$1,092,000 IM01-58110-810746 Land Acquisition (Increase Expenditure Authority)
$1,092,000 IM01-79442-810746 Transfer in From Land Fund
$1,092,000 CL21-57460-810347 Transfer Out to Internal Service Fund
($1,092,000) CL21-78320-810347 Land Sales
Title
Authorizing the purchase of properties located at 4141 and 4210 Nakoosa Trail and 4134, 4118 and 4150 Commercial Avenue from Supervalu Stores, Inc. for the relocation of City facilities and an amendment to the 2013 Capital Budget to provide additional funds for the purchase and holding costs.
Body
The City of Madison has numerous maintenance and service facilities scattered throughout the City with many of them located within or near the East Washington Avenue corridor. These include facilities for Fleet Services, Fire Maintenance, Metro Transit, Library Storage, and Police Evidence Storage. The City owns all the facilities with the exception of Library Storage space which is leased. Most of these facilities are in poor condition and no longer suitable for their intended use.
The Mayor and Common Council identified the importance of addressing these issues in the 2012 City budget by authorizing the Mayor to create a staff team, including a Common Council representative, (the “Long Range Facilities Planning Committee) that was charged with the preparation of a long-term facilities needs analysis that makes...
Click here for full text