City of Madison, Wisconsin | Legislative Information Center
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File #: 34538    Version: Name: 10051 - Acquisition Owl's Creek
Type: Resolution Status: Passed
File created: 6/20/2014 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 8/5/2014 Final action: 8/5/2014
Enactment date: 8/7/2014 Enactment #: RES-14-00574
Title: SUBSTITUTE Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and AnchorBank FSB for the purchase of 48 51 lots and 1 outlot in the Owl’s Creek Subdivision and amending the 2014 Capital Budget to provide funding for the acquisition.
Sponsors: Denise DeMarb
Attachments: 1. Version 1 Master22-Jul-2014-08-35-27.pdf, 2. Owl's Creek Substitute Resolution Exhibit A.pdf, 3. Exhibit B Owl Creek - Acquisitions_v6 8.5x11.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, "Owl's Creek Subdivision," Account No. 810804, and to appropriate $550,000 $580,000 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 #34536, proposes an additional expenditure of $469,000 from the General Land Acquisition fund). The budget will be amended as follows:

CD21-58110-810804 $550,000 $580,000 Land Acquisition
CD21-79442-810804 ($550,000) ($580,000) Transfer In from Land Fund

CL21-57442-810347 $550,000 $580,000 Transfer Out to Land
CL21-78320-810347 ($550,000) ($580,000) Land Sales

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

It should be noted that the Resolution and budget amendment will provide for the City's property acquisition, but left unadressed are the City's future holding and maintenance expenses following the acquisition, and which City agency will oversee administration of the property. It is conceivable that the City willl own the property in full or in part for quite some time and will incur ongoing costs for upkeep, at a minimum. The holding and maintenance costs are currently unknown. In general, property holding and maintenance expenses are appropriately treated as operating expenses and should be addressed as such. A future budget amendment will likely be necessary to appropriate funds for ongoing property maintenance and holding expenses.
Title
SUBSTITUTE Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and AnchorBank FSB for the purchase of 48 51 lots and 1 outlot in the Owl’s Creek Subdivision and amending the 2014 Cap...

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