Fiscal Note
The estimated net proceeds from the sale assuming a January 2017 closing date, after paying off the special assessments for Lots 11-14 estimated at $375,434 and other closing costs is roughly $226,844. These net sale proceeds will be applied towards outstanding special assessments on the remaining balance of outstanding special assessments on other properties owned by the City of Madison located elsewhere within the International Commerce Park.
Title
Authorizing the execution of a Purchase and Sale agreement with Airoldi Brothers, Inc for City owned Lots 11-14 in the Interstate Commerce Park and the associated Partial Release of the Obligation to Purchase and Undertake Development of the Interstate Commerce Park for these lots.
Body
WHEREAS, the City of Madison (“City”); Interstate Commerce Park, Inc. (“ICP”); and Barbara J. Hoel (“Hoel”) are all parties to that certain Agreement to Purchase and Undertake Development of the Interstate Commerce Park, dated November 1, 2004 (“Agreement”), as amended in the First Amendment to the Agreement executed by the parties on September 10, 2007 and the Second Amendment to the Agreement executed by the parties on August 3, 2016; and
WHEREAS, under the terms of the Agreement, ICP is required to purchase all of the lots owned by the City in the Interstate Commerce Park by December 31, 2018; and,
WHEREAS, a buyer, Airoldi Brothers, Inc., has expressed the desire to purchase Lots 11-14 (“Property”) of the Interstate Commerce Park directly from the City, which ICP is agreeable to. In consideration, the City will execute a Partial Release of the Obligation to Purchase and Undertake Development so the City can work directly with Airoldi Brothers Inc. and ICP is released from its obligations and responsibilities relating to the Property.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of Madison hereby authorizes the execution of a Purchase and Sale Agreement (“Agreement”) between the City and Ai...
Click here for full text