City of Madison, Wisconsin | Legislative Information Center
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File #: 38673    Version: 1 Name: 10702 Disposal Subterraenean Parcel Carroll St
Type: Resolution Status: Passed
File created: 5/28/2015 In control: BOARD OF PUBLIC WORKS
On agenda: 6/16/2015 Final action: 6/16/2015
Enactment date: 6/19/2015 Enactment #: RES-15-00531
Title: Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and 25 West Main Parking LLC for the purchase of a subterranean parcel of land located within the Carroll Street right-of-way for an underground parking ramp.
Sponsors: Michael E. Verveer
Attachments: 1. PARCEL EXHIBIT A - LEGAL DESCRIPTION.pdf, 2. CITY PARCEL EXHIBIT B.pdf, 3. CITY PARCEL EXHIBIT C.pdf
Fiscal Note
Proceeds from the sale will be deposited into the General Land Acquisition Fund.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and 25 West Main Parking LLC for the purchase of a subterranean parcel of land located within the Carroll Street right-of-way for an underground parking ramp.
Body
25 West Main LLC is constructing a redevelopment project on parcels located at 25 West Main, 116 and 126 South Carroll Street (the “Project”). The Project will consist of approximately 186,000 square feet of office, approximately 100 apartment units and approximately 43,000 gross square feet of commercial and retail space and a 548 stall parking ramp (“Project”). The parking ramp will be located underneath the Project on both sides of South Carroll Street and with a connection below the South Carroll Street right-of-way. The parking ramp will be a unit within a condominium created for the Project. The parking ramp condominium unit will be owned by 25 West Parking LLC. Terms for the purchase of the subterranean parcel have been negotiated between the City and 25 West Main Parking LLC.

NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of Madison hereby authorizes the execution of a Purchase and Sale Agreement (the “Agreement”) between the City (the “Seller”) and 25 Main Parking LLC. (the “Buyer”) for the purchase of a subterranean parcel located within the Carroll Street right-of-way, Madison, Wisconsin (the “Property”), legally described in the attached Exhibit A and depicted on the attached Exhibits B and C, on the following terms and conditions:

1. Property. The Buyer shall purchase, and the Seller shall sell and convey by Quit Claim Deed (the “Deed”), fee simple ownership of the Property, including all improvements located thereon and all appurtenances thereto.

2. Effective Date. The “Effective Date” shall be the later date of execution of the Agreement by the Seller or the Buyer, as in...

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