Fiscal Note
The proposed resolution authorizes a sale between the City of Madison and Bird View LLC or its assigns for a 121,209 square foot lot situated in the City-owned BioAg Gateway. The total Purchase Price is $339,385, subject to a Completion Guaranty in the amount of $31,385 and a Jobs Guaranty of $100,000. At Closing, Bird View LLC will pay the City $208,000 towards the Purchase Price. In the event the conditions of the two guaranties are not met, then Bird View LLC will pay the City the aforementioned amounts per the timing described below. Proceeds from the sale will be distributed to the General Land Acquisition Fund (account no. 14006010-48110-00000). There are no outstanding special assessments in BioAg Gateway. Roughly $1,366 of sale proceeds will go to pay title, estimated storm water bills and closing costs. No broker fee is involved with this deal. The remaining net proceeds of $206,634 at Closing will be credited to the General Land Acquisition Fund, as well as any future payments in case the conditions of the Jobs Guaranty or Completion Guaranty are not met.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Bird View LLC, or its assigns, for the Purchase of Property located in the BioAg Gateway.
Body
WHEREAS, Vogel Bros. Building Company (“Vogel Bros.”) is seeking to purchase approximately 121,000 square feet of City owned land in the BioAg Gateway for constructing a corporate headquarters (the “Property”); and
WHEREAS, Vogel Bros. intends to create or retain twenty-three full time equivalent jobs on the Property; and
WHEREAS, the terms of the purchase and sale agreement will include guarantees for completion and job creation/retention together with penalties for non-compliance.
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 (“Seller”) and Bird View LLC and/or ...
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