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File #: 45292    Version: 1 Name: Amend Res 16-00714
Type: Resolution Status: Passed
File created: 11/30/2016 In control: Economic Development Division
On agenda: 12/6/2016 Final action: 12/6/2016
Enactment date: 12/9/2016 Enactment #: RES-16-00881
Title: Amending Resolution Enactment No RES-16-00714, which authorizes the execution of a Purchase and Sale Agreement between the City of Madison and St. John Properties Acquisitions, LLC for the purchase of a portion of City-owned land within in The Center for Industry & Commerce to add additional property to the sale and reflect other negotiated changes.
Sponsors: Samba Baldeh
Related files: 44296
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
12/6/20161 COMMON COUNCIL Adopt Under Suspension of Rules 2.04, 2.05, 2.24, and 2.25Pass Action details Meeting details Not available
11/30/20161 Economic Development Division 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
The proposed resolution has no fiscal impact.
Title
Amending Resolution Enactment No RES-16-00714, which authorizes the execution of a Purchase and Sale Agreement between the City of Madison and St. John Properties Acquisitions, LLC for the purchase of a portion of City-owned land within in The Center for Industry & Commerce to add additional property to the sale and reflect other negotiated changes.
Body
WHEREAS, on September 20, 2016 the Common Council approved the execution of a Purchase and Sale Agreement (“Agreement”) with St. John Properties Acquisitions, LLC (“Buyer”) to acquire the City owned property described therein (“Property”) via Resolution Enactment No. RES-16-00714, File No. 44296 (the “Resolution”); and

WHEREAS, during the negotiation of the Agreement a number of changes occurred to provisions in the Resolution that were agreed to by City staff and Buyer that are identified and are subject to approval of the Common Council in this amendment (“Amendment”); and

WHEREAS, the legal description of the Property in the Resolution did not include a portion of Lot 71 on the southern boundary which ended at Lot 70; and

WHEREAS, City staff advised the Buyer to square off its southern boundary by including a portion of Lot 71; and

WHEREAS, this Amendment will revise the description of the Property to include a portion of Lot 71 which will be described in the certified survey map (“CSM”) described in Paragraph 12 below.


NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of Madison hereby authorizes the amendment of Resolution Enactment No RES-16-00714 with the following changes:


1. The definition of Phase I is hereby amended to include a portion of Lot 71.

2. The following subparagraphs of Paragraph 7 “Due Diligence Period”, are hereby amended to state as follows:

Subparagraph (a) is revised to state: (a) Replat approvals CSM approvals;
Subparagraph (d) is revised to state: (d) Bike/pedestrian path contingency;
Subp...

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