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File #: 45939    Version: 1 Name: 11240 CIC PSA Stream's Edge Properties LLC Lots 24-26 29-31
Type: Resolution Status: Passed
File created: 1/31/2017 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 2/28/2017 Final action: 2/28/2017
Enactment date: 3/2/2017 Enactment #: RES-17-00144
Title: Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Stream’s Edge Properties, LLC for the purchase of City-owned Lots 24-26 and Lots 29-31 in The Center for Industry & Commerce.
Sponsors: Samba Baldeh
Fiscal Note
The proposed resolution authorizes a sale between the City of Madison and Stream’s Edge Properties, LLC or its assigns for six City-owned lots in the Center for Industry and Commerce. The total purchase prices is $920,713. Proceeds from the sale will be distributed to the General Land Acquisition Fund (account no. 14006010-48110-00000). Roughly $241,260 of sale proceeds will be applied towards outstanding special assessments on the six lots sold assuming a August 1, 2017 closing date. In addition, a brokerage fee of $27,621 will be paid to Kurt S. Forsthoefel of Kurt Stewart, Inc. After paying $2976 for title, estimated storm water bills and closing costs, the remaining net proceeds of $648,855 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
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Stream’s Edge Properties, LLC for the purchase of City-owned Lots 24-26 and Lots 29-31 in The Center for Industry & Commerce.
Body
The Common Council adopted a resolution (RES-13-00460) 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 the City, at no cost,14 lots it had previously purchased from the City, and was relieved of any remaining obligations, including the obligation to purchase an additional 78 lots from the City. The City currently owns 64 lots within The Center for Industry & Commerce (“The CIC”). These lots are being marketed by the City; 24 lots of this remaining total are under contract. ...

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