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File #: 44236    Version: 1 Name: 11106 Amendment to Greywolf PSA for CIC Lots 21-23 & 32-34
Type: Resolution Status: Passed
File created: 8/26/2016 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 9/20/2016 Final action: 9/20/2016
Enactment date: 9/22/2016 Enactment #: RES-16-00702
Title: Amending Resolution Enactment No. RES-16-00567, File No. 43702, which authorizes the execution of a Purchase and Sale Agreement between the City and Greywolf Partners, Inc. for the purchase of City-owned Lots 21-23 and Lots 32-34 in The Center for Industry & Commerce.
Sponsors: Samba Baldeh
Attachments: 1. Hyperlink
Fiscal Note
The proposed amendment does not alter the previously approved fiscal note in RES-16-00567, File No. 43702: The total purchase price is $965,842.50. Proceeds from the sale will be distributed to the General Land Acquisition Fund (Munis account no. 14006010-48110-00000). Roughly $227,637 of sale proceeds will be applied towards outstanding special assessments on the six lots sold. In addition, a brokerage fee of $28,975.28 will be paid to CBRE Brokerage Services. After paying $1667 for title and closing costs, the remaining net proceeds of $707,563.23 will be applied towards paying off special assessments on properties owned by the City of Madison located elsewhere within the Center for Industry and Commerce.
Title
Amending Resolution Enactment No. RES-16-00567, File No. 43702, which authorizes the execution of a Purchase and Sale Agreement between the City and Greywolf Partners, Inc. for the purchase of City-owned Lots 21-23 and Lots 32-34 in The Center for Industry & Commerce.
Body
WHEREAS, on August 2, 2016 the execution of a Purchase and Sale Agreement with Greywolf Partners, Inc (“Buyer”) to acquire the City owned lots 21-23 and Lots 32-34 in The enter for Industry and Commerce (“Property”) was approved by the Common Council via Resolution Enactment No. RES-16-00567, File No. 43702; and

WHEREAS, subsequent to the approval of the aforementioned Resolution, it was determined by Planning Division and City Engineering that Graaskamp Way south of John Wall Drive to Merchant Street is not needed as originally platted and will be discontinued and vacated by the City of Madison prior to closing; and

WHEREAS, the Buyer agrees with this change and does not require any portion of the area of Grasskamp Way to be discontinued and vacated for its development, and the vacated area could be used by adjoining developments; and

WHEREAS, subsequent to the approval of the Resolution, a farm lease was discovered that expires on December 31, 2016. Per Paragraph 1...

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