Fiscal Note
RES-17-00539, adopted on June 20, 2017, authorized the execution of a Purchase and Sale Agreement (PSA) between the City of Madison and RDC Development, LLC for the acquisition of a gray box condominium unit for the Pinney Library for $3,087,807. The budget includes a contingency of $112,193 for a total of $3,200,000. The total project cost is approximately $10,000,000. The proposed resolution amends the PSA by allowing the parties to extend the Due Diligence period in certain circumstances, allowing the installation of equipment related to the HVAC under Grand Oak Trail and the Book Drive with an estimated cost of $80,000 to the Pinney Library project, and reflecting change orders totaling $48,955 for a total purchase price of $3,136,762. Funding is available in the project (Munis project #10002) for the amended PSA.
Title
Amending RES-17-00539 authorizing the amendment of a Purchase and Sale Agreement between the City of Madison and RDC Development, LLC for the acquisition of a gray box condominium unit for the relocation of the Pinney Library, and authorizing funding to pay for said unit.
Body
WHEREAS, on June 20, 2017, the Common Council adopted RES-17-00539 (File No. 47522) authorizing the execution of a Purchase and Sale Agreement with RDC Development, LLC (“RDC”) for the purchase of a gray box condominium unit (“Unit”) for the Pinney Library located at 516 Cottage Grove Road (“the Property”); and,
WHEREAS, the City and RDC entered into a Purchase and Sale Agreement (“PSA”) on September 28, 2017. The PSA was amended on November 10, 2017 and December 8, 2017, the first and second amendments, respectively; and,
WHEREAS, the City and RDC have agreed to a number of Change Orders outlined in Exhibit C to the PSA, as amended, totaling $48,955 which will be added to the Purchase Price for a total amount of $3,136,762; and,
WHEREAS, the City has engaged an appraiser to value the Unit as part of its contingency under the PSA. On December 11, 2017...
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