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File #: 39761    Version: 1 Name: Declaring the sale of the subterranean portion of the right of way beneath Pinckney Street serves the public interest in conformity with the requirements of Wis. Stat. Sec. 66.0915(4).
Type: Resolution Status: Passed
File created: 8/17/2015 In control: COMMON COUNCIL
On agenda: 9/15/2015 Final action: 9/29/2015
Enactment date: 10/1/2015 Enactment #: RES-15-00780
Title: Declaring the sale of the subterranean portion of the right of way beneath Pinckney Street serves the public interest in conformity with the requirements of Wis. Stat. Sec. 66.0915(4).
Sponsors: Michael E. Verveer
Attachments: 1. 091415 LETTER Landlords re JDS Parking Ongoing Subsidy.pdf, 2. affidavit.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
9/29/20151 COMMON COUNCIL AdoptPass Action details Meeting details Not available
9/15/20151 COMMON COUNCIL Re-referPass Action details Meeting details Not available
9/1/20151 COMMON COUNCIL Refer to a future Meeting to AdoptPass Action details Meeting details Not available
8/17/20151 Attorney's Office RECOMMEND TO COUNCIL TO ADOPT UNDER SUSPENSION OF RULES 2.04, 2.05, 2.24, & 2.25 - MISC. ITEMS  Action details Meeting details Not available
Fiscal Note
No appropriation required at this time. This resolution is part of the Judge Doyle Square project and the related Development Agreement. That agreement includes a $15 million payment to the City from the developer for land and development rights on Blocks 88 and 105. As part of the public financing for the development, the City will return $13.9 million of that amount to the developer through an appropriation from existing TID 25 revenues ($9.7 million) and a portion of the $15 million payment for land and development rights deposited in TID 25 for this purpose ($4.2 million). These and other appropriations will be included in the 2016 Executive Capital Budget for consideration by the Common Council.

Title
Declaring the sale of the subterranean portion of the right of way beneath Pinckney Street serves the public interest in conformity with the requirements of Wis. Stat. Sec. 66.0915(4).
Body
WHEREAS, on September 29, 2015, the Common Council adopted RES-15-00779, Legistar File ID 39800, authorizing the execution of an Amended and Revised Development Agreement and a Purchase Agreement, as those terms are defined in the Development Agreement authorized by RES-15-00598, between the City of Madison and JDS Development, LLC (the “Buyer”) for the purchase of a subterranean parcel of land located within the Pinckney Street right-of-way (the “Property”) for an underground parking ramp to provide parking for a commercial redevelopment project, and a municipal parking facility (the “Project”); and,

WHEREAS, the sale of the Property is permitted by Wis. Stat. Sec. 66.0915(4), which requires that the Common Council make certain findings before selling such land and that certain conditions be imposed upon the Buyer.

NOW THEREFORE BE IT RESOLVED, that the Common Council finds that, pursuant to Wis. Stat. Sec. 66.0915(4), the sale of the Property to JDS Development, LLC for an underground parking ramp to serve the Project is in the public’s interest as it...

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