Fiscal Note
The total acquisition costs are estimated to be $117,000 broken out as follows: $87,000 for the purchase price of the Real Estate, $25,000 for demolition costs, and $5,000 for miscellaneous closing costs (prorated taxes, filing fees etc). These costs will be funded by the Penn Park Acquisition project; Munis: 10913-51-110.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Reverend Larry V. Jackson and Katherine M. Jackson for the purchase of a parcel located at 2049 Baird Street.
Body
WHEREAS, Reverend Larry V. Jackson and Katherine M. Jackson (together, the “Seller”) are the owners of an improved residential parcel located at 2049 Baird Street, (the “Property”); and
WHEREAS, the City of Madison Parks Division identified the Property as a viable site for expansion of the adjacent Penn Park; and
WHEREAS, the City Parks Division and the Office of Real Estate Services have negotiated terms with the Seller for the purchase of the Property.
WHEREAS, the purchase price is supported by an appraisal obtained by the Seller and reviewed and approved by the Office of Real Estate Services; and
WHEREAS, a Letter of Intent has been executed between the Seller and the City of Madison setting forth the terms and conditions of a Purchase and Sales Agreement for the Property.
NOW, THEREFORE BE IT RESOLVED that the Mayor and City Clerk are hereby authorized to execute a Purchase and Sale Agreement (the “Agreement”) with Reverend Larry V. Jackson and Katherine M. Jackson (together, the “Seller”) for the purchase by the City of Madison (“Buyer”) of an improved parcel owned by the Seller located at 2049 Baird Street (the “Property”), for the expansion of Penn Park, as legally described below on Exhibit A and shown on the attached Exhibit B, on the following terms and conditions:
1. The Property. The Buyer shall purchase and the Seller shall sell and convey by Warranty Deed (the “Deed”) fee simple title to the P...
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