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File #: 36673    Version: Name: 10443 ICP 3rd Amendment to Purchase
Type: Resolution Status: Passed
File created: 12/23/2014 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 1/20/2015 Final action: 1/20/2015
Enactment date: 1/23/2015 Enactment #: RES-15-00057
Title: SUBSTITUTE Amending Resolution Enactment No. RES-14-00629, which authorizes the execution of a Second Amendment to the “Agreement to Purchase and Undertake Development of the Interstate Commerce Park” executed between the City of Madison, Interstate Commerce Park and Barbara J. Hoel.
Sponsors: Joseph R. Clausius
Attachments: 1. Version 1 FILE ID 36673 Master15-Jan-2015-02-06-14.pdf
Fiscal Note
The Resolution will allow for a deferral of the payment of special assessments and extension of the Interstate Commerce Park - Phase 1 Assessment District. The other basic terms of the agreement remain unchanged, and no appropriation is required.
Title
SUBSTITUTE Amending Resolution Enactment No. RES-14-00629, which authorizes the execution of a Second Amendment to the “Agreement to Purchase and Undertake Development of the Interstate Commerce Park” executed between the City of Madison, Interstate Commerce Park and Barbara J. Hoel.
Body
WHEREAS, on September 2, 2014 the Common Council adopted Resolution Enactment No. RES-14-00629 which authorized the execution of a Second Amendment to the “Agreement to Purchase and Undertake Development of the Interstate Commerce Park” executed between the City of Madison, Interstate Commerce Park and Barbara J. Hoel (the “Agreement”); and

WHEREAS, subsequent to the adoption of the resolution and prior to execution of the Second Amendment, Barbara J. Hoel requested, as a condition for her execution of the Second Amendment, that she be allowed to pay special assessments in eight (8) annual installment payments upon the expiration of the deferral period in the Interstate Commerce Park - Phase 1 Assessment District, 2005 (the “District”) as permitted in Madison General Ordinance 4.081(3)(b) and (c); and,

WHEREAS, also subsequent to the adoption of the resolution and prior to execution of the Second Amendment, Barbara J. Hoel requested, as a condition for her execution of the Second Amendment, that language be added to the Second Amendment that would extend the ten (10) year Deferral Period for the payment of the special assessments in the Interstate Commerce Park - Phase 1 Assessment District, 2005 (the “District”) for an additional eight (8) years as permitted in Madison General Ordinance 4.081(2)(a). The District is scheduled to expire in 2016. The adoption of this resolution would add language that would exte...

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