Fiscal Note
Proceeds from the sale will be distributed to the General Land Acquisition Fund (account no. 14006010-48110-00000). Assuming a closing date of May 1, 2017 for Phase 1 the estimated net sale proceeds are $951,631. This assumes a site of 12.7 acres. Roughly $64,677 will be used to pay off the special assessments for the Phase II lots, leaving a remaining balance of $888,954.17. This remaining balance will be applied towards outstanding special assessments of roughly $2,346,470 on other properties owned by the City of Madison located elsewhere within the Center for Industry and Commerce. The new special assessment balance is estimated at $1,459,517. Should the Buyer close on Phase II, estimated at 8 acres, near the end of the three year Option period, the net sale proceeds are estimated at $723,488.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and St. John Properties Acquisitions, LLC for the: (i) purchase of City-owned Lots 62-70 and parts of Lots 47, 48, 49 and 50 plus the public street right-of-way known as Merchant Street proposed to be discontinued and vacated abutting said lots; and (ii) to provide an option to purchase Lots 35-37 and parts of Lots 38, 47, 48, 49, 50 and the entire width of the public street right-of-way known as Graaskamp Way proposed to be discontinued and vacated abutting the eastern side of said lots, all located within in The Center for Industry & Commerce.
Body
The Common Council adopted a resolution (RES-13-00460, File ID 30382) on June 18, 2013 which authorized the execution of an “Agreement to Terminate the ’Agreement to Purchase and Undertake Development of the Northeast Industrial Property’ ” (“Purchase and Development Agreement”) which was executed between the City of Madison (“City”) and The Center for Industry & Commerce, LLC (“LLC”) for the development of a mixed-use industrial park. Under the terms of the Purchase and Development Agreement, the LLC deeded back to ...
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