Fiscal Note
The acquisition of this parcel is anticipated to have an acquisition cost of $3,125,000, plus $45,710 in closing costs, and is funded from three sources.
The parkland acquisition of 16.9 acres of parkland will be funded from the City-wide Parkland Acquisition Fund. The allocation of $1,430,000 of existing reserves is approximately 20% of available resources within this fund.
The Stormwater Utility’s acquisition of the 36.6 acres of stormwater lands will be funded with $513,300 of stormwater utility reserves.
Future streets right-of-way acquisition will be funded with $222,410 of new General Obligation borrowing for the Major Streets Right-of-Way Acquisition Project (Project 10924).
The remaining 13.74 acres of long term developable land will be acquired by the PCED Department and held until such time as it can be sold for private development. This portion is valued at approximately $1,000,000, along with a share of closing costs ($5,000) and will be funded through new general obligation debt.
Title
SUBSTITUTE Amending the 2015 Adopted Capital Budget related to Acquisition of the Garver Replacement Property / LB Lands Purchase
Body
From 1906 through 1997, the Garver Feed Mill was a working industrial building and a significant feature on the east side of Madison. The building was designated as eligible for listing on the National Register in 1992 and designated a local landmark in 1994. In 1997, the Olbrich Botanical Society (the “OBS”) acquired the Garver Feed Mill (the “Building”) and approximately five acres of land surrounding it (collectively the “Garver Property”) for $700,000. OBS then transferred ownership of the Garver Property to the City of Madison (the “City”). The City Parks Division acquired the 17.8 acres surrounding the Garver Property, east of Fair Oaks Avenue, commonly known as the “North Plat”.
Wisconsin Department of Natural Resources (WDNR) Stewardship Funds from the Urban Rivers program were used for both purc...
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