Fiscal Note
Funding of $173,000 for the purchase price, $5,000 for expenses associated with buyer’s contingencies, $25,000 for demolition costs, and $7,000 for closing costs including prorated real estate taxes will be transferred from the General Land Acquisition Fund for expenditure in 2014. The projected 2014 ending balance in the General Land Acquisition is $505,164 after this transaction.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Mount Olive Evangelical Lutheran Church for the City’s acquisition of a residential property located at 4016 Mineral Point Road and an amendment to the 2014 Capital Budget to fund the acquisition.
Body
The City of Madison on March 3, 2014, acquired the Mount Olive Evangelical Lutheran Church located at 4018 Mineral Point Road for use as a future Midtown Neighborhood Police Station. Recently a single family residential property located at 4016 Mineral Point Road (the “Property”) and adjacent to the former church was placed on the market for an asking price of $ 185,900. An independent appraisal for the Property was obtained by staff indicating a fair market value of $ 173,000. A letter of intent including a purchase price of $ 173,000 has been executed between the Mount Olive Evangelical Church (the “Seller”) and the City of Madison (the “Buyer”) setting forth the terms and conditions of a Purchase and Sales Agreement (“the Agreement”) for the Property. The acquisition of the Property will provide the flexibility to construct driveway access from Mineral Point Road to the Midtown Neighborhood Police Station.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of Madison hereby authorizes the execution of a Purchase and Sale Agreement with Mount Olive Evangelical Lutheran Church (the “Seller”) for the purchase of a property located at 4016 Mineral Point Road (the “Property”), legally described in Exhibit A below and depicted on the attached Exhibit B, for the...
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