Fiscal Note
The total acquisition costs are estimated to be $200,000 broken out as follows: $150,000 for the purchase price of the Real Estate, $10,000 miscellaneous closing costs (prorated taxes), $15,000 for expenses associated with the Buyer’s Contingencies (appraisal, environmental assessments) and $25,000 for the demolition of the improvements on the Real Estate. Funds are available in Account No. CS53-58110-810571-00-53W0472.
Title
Authorizing the acceptance of an Offer to Sell Real Estate Agreement for the purchase of property located at 6503 Cottage Grove Road, Madison, Wisconsin.
Body
The City of Madison has received an Offer to Sell Real Estate (the “Offer”) from James R. Kern the “Owner” of the property located at 6503 Cottage Grove Road (the “Real Estate”). The Real Estate is located in the southeast quadrant of the Cottage Grove Road/Sprecher Road intersection. Cottage Grove Road is tentatively scheduled to be reconstructed by the City in 2018. While the City will use its best efforts to avoid or minimize the impacts of the reconstruction project on the Real Estate some challenges with access and construction would remain given the proximity of the house located on the Real Estate to the project. While an acquisition of the Real Estate may not be absolutely necessary for the project, City Engineering feels that there are safety and construction benefits associated with the acquisition. Acquisition will allow the removal all driveway access at the intersection and enable the City to grade onto the Real Estate. The small house on the Real Estate would be razed. The Owner has stated that the scheduled project is impacting his ability to sell the Real Estate. To this end he made the City the Offer to sell the Real Estate. City Engineering is recommending that the City accepts the Offer.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of Madison hereby authorizes the acceptance of an Offer to Sell Real Estate (the “Offer”)...
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