Fiscal Note
The 2014 Capital Improvement Program includes a new branch library at Grandview Commons, with construction anticipated in 2018. A parcel of land has already been donated, as well as $75,000 held by the Madison Public Library Foundation. The current Agreement requires a future donation of an additional $150,000 at the time of construction. This Amendment to the Agreement requires the Foundation to return the initial cash donation plus accrued interest (total of about $87,000). It also eliminates the requirement for the future donation of $150,000.
Title
Authorizing the Mayor and City Clerk to execute a Second Amendment to Definitive Agreement regarding the future branch public library at Grandview Commons.
Body
Preamble
In 2007 DJK Real Estate, LLC and the Simon and Rosenberg families (collectively, “Donors”) entered into a Definitive Agreement with the City concerning a future branch library in the Grandview Commons subdivision (the “Definitive Agreement”). The Definitive Agreement provided for the donation by Donors to the City of a parcel of land in Grandview Commons and for cash donations in the amount of $75,000 (the “Initial Cash Donations”) to be used for the library. In 2008 Donors donated to the City a parcel of land encompassing approximately 42,000 square feet (the “Library Site”), and provided the Initial Cash Donations. In 2013 the Definitive Agreement was amended to: (i) allow for the reconfiguration of the Library Site to accommodate the development of abutting lots; and (ii) provide that Donors shall donate an additional capital contribution of $150,000 for the branch library if the City obtains all necessary zoning approvals by June 30, 2015 and commences construction no later than December 31, 2015. If the City fails to do either, the Library Site shall revert to Donors and Donors shall not be required to make the additional capital contribution.
Donors have requested that the City, as owner of the Library Site, seek an ...
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