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File #: 34536    Version: 1 Name: 10331 - Acquisition - Griffs, 1233 McKenna Blvd.
Type: Resolution Status: Passed
File created: 6/20/2014 In control: COMMON COUNCIL
On agenda: 9/2/2014 Final action: 9/2/2014
Enactment date: 9/5/2014 Enactment #: RES-14-00678
Title: Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Wingh-Kai Anthony Cheung for the City’s acquisition of a commercial property located at 1233 McKenna Boulevard for a neighborhood center and an amendment to the 2014 Capital Budget to fund the acquisition.
Sponsors: Lisa Subeck
Attachments: 1. 1233 McKenna Blvd pdf exhibit b.pdf, 2. 8/5/14 Ald. Cnare McKenna Blvd Memo.pdf
Fiscal Note
The Resolution will amend the 2014 adopted capital budget of the Planning and Community and Economic Development agency (PCED) to create a new capital project, "McKenna Blvd. Neighborhood Center," Account No. 801806, and to appropriate $469,000 from the City's General Land Acquisition fund to support the land acquisition expenses (including purchase and closing costs). The current available balance of the General Land Acquisition fund is an estimated $1.8 million. (A pending Resolution, Legistar #34538, proposes an additional expenditure of $550,000 from the General Land Acquisition fund). The budget will be amended as follows:


CD21-58330-810806 $469,000 Building Acquisition
CD21-79442-810806 ($469,000) Transfer In from Land Fund

CL21-57446-810347 $469,000 Transfer Out to Buildings
CL21-78320-810347 ($469,000) Land Sales

Future property sale proceeds, if applicable, will be credited to the General Land Acquisition fund or as otherwise directed by the Common Council.

Following acquisition, there will be significant costs for renovations or reconstruction if the City wishes to transform the site into a new neighborhood center. Such costs are currently unknown, but will likely amount to several hundred thousand dollars or more. The 2014 PCED adopted capital budget appropriates $400,000 in General Obligation borrowing for capital expenditures relating to the development of neighborhood centers (Project No. 8, "Neighborhood Centers," Acc't No. 810559). It is unclear whether these funds will be utilized for improvements relating to the McKenna Boulevard property.

There may be some desire on the part of the City to directly support neighborhood center operations if the site is developed in to a neighborhood center. Any such funding is currently unbudgeted and will need to be included in future operating budgets, subject to State levy limits and Common Council approval.

Finally, It should be noted that the Resolution and budget amendment ...

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