Title
Amending CDA Resolution 4165
Body
Authorizing the CDA to enter into an Option Agreement with Movin’ Out, Inc. and/or its assigns for sale of the property located at 2230 W. Broadway in Madison, WI to include 1918 W. Broadway and 5330 Hoboken
WHEREAS, enacted Res-14-00907 approved the transfer of $500,000 from Tax Increment Financing District #27 to the CDA for the acquisition of 2230 W. Broadway in Madison, Wi to facilitate the development of affordable housing within the boundary of TID #27, and
WHEREAS, the CDA also owns parcels at 1918 W. Broadway and 5330 Hoboken in Madison, Wi located proximate to 2230 W. Broadway, and
WHEREAS, Movin’ Out, planned to develop affordable housing on the 2230 W. Broadway and a replacement facility for Bridge Lake Point Community Center as part of the development, and
WHEREAS, Movin’ Out, plans to develop additional affordable housing units on the at 1918 W. Broadway and 5330 Hoboken as part of the development, and
WHEREAS, on June 11, 2015 the CDA Board passed a resolution authorizing the CDA to enter into an Option Agreement with Movin’ Out, Inc. and/or its assigns for sale of the property located at 2230 W. Broadway in Madison, WI.
NOW THEREFORE BE IT RESOLVED, that the CDA is authorized to amend the option agreement granted to Movin’ Out extending the exclusive option to purchase the 2230 W. Broadway property to include parcels located at 1918 W. Broadway and 5330 Hoboken subject to the terms and conditions generally consistent with the terms set forth in Exhibit A.
BE IT FURTHER RESOLVED that the Chair and the Secretary are authorized to execute such documents as are necessary to carry out the intent of this resolution in a form authorized by the City Attorney.
EXHIBIT A
Option Agreement
The CDA will grant Movin’ Out, Inc. or its assigns (the “Buyer”) the exclusive option to purchase the parcels 2230 W. Broadway, 1918 W. Broadway and 5330 Hoboken on the following general terms and conditions:
a. Purcha...
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