City of Madison, Wisconsin | Legislative Information Center
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File #: 30450    Version: 1 Name: 10172 Gebhardt Block 800 North
Type: Resolution Status: Passed
File created: 6/4/2013 In control: ECONOMIC DEVELOPMENT COMMITTEE
On agenda: 6/18/2013 Final action: 6/18/2013
Enactment date: 6/19/2013 Enactment #: RES-13-00466
Title: Accepting a Selection Committee’s recommendation of the Gebhardt Development, LLC proposal for the purchase and redevelopment of City-owned properties located at 802 and 854 East Washington Avenue and authorizing the execution of a Purchase and Sale Agreement with Gebhardt Development, LLC for the purchase and redevelopment of these properties.
Sponsors: Ledell Zellers, Marsha A. Rummel, John Strasser
Attachments: 1. Exhibit B The Property 4-18-13.jpg, 2. EXHIBIT C.pdf, 3. EXHIBIT D.pdf, 4. Land Banking Guidelines.pdf
Fiscal Note
The City’s total costs for acquiring the property are an estimated $2,982,700 (including purchase price of $2,759,400 ($14 per sq ft x 197,100 sq ft), $55,500 for prorated taxes and miscellaneous closing costs, and $168,000 for the City’s match of federal and State grants totaling $800,000 for demolition of improvements and environmental remediation). The City received $46,000 in revenues for the lease of a building on the site. The City is selling the property for $3,153,600 ($16 per sq ft x 197,100 sq ft). The Property is within Tax Incremental Financing District No. 36 Capitol Gateway and the costs to acquire the Property were charged to the TID. Sale proceeds will be credited to the TID.
Title
Accepting a Selection Committee’s recommendation of the Gebhardt Development, LLC proposal for the purchase and redevelopment of City-owned properties located at 802 and 854 East Washington Avenue and authorizing the execution of a Purchase and Sale Agreement with Gebhardt Development, LLC for the purchase and redevelopment of these properties.
Body
The City of Madison established a Land Banking Fund to purchase and stabilize developable parcels of land in the City of Madison. The City’s Economic Development Committee approved guidelines for the purchase and sale of land acquired with Land Banking Funds (attached). The City used the Land Banking Fund to purchase properties in the 700 and 800 Blocks of East Washington Avenue (the “Sites”), as shown on the attached. The City issued a Request for Proposals (the “RFP”) seeking developer interest in the purchase and redevelopment of the 800 Block North Site (consisting of City-owned properties located at 802 and 804 East Washington Avenue) (collectively, the “Property”), as shown on the attached. The City received three proposals (the “Proposals”) that met the submission requirements of the RFP. An ad-hoc “Selection Committee” of Alders, City staff, and development professionals approved by the Mayor ...

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