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File #: 50892    Version: 1 Name: 11561 CIC Lots PSA Amendment Hoepker Center LLC
Type: Resolution Status: Passed
File created: 3/13/2018 In control: FINANCE COMMITTEE
On agenda: 4/10/2018 Final action: 4/10/2018
Enactment date: 4/18/2018 Enactment #: RES-18-00297
Title: Approving an Amendment to the Option to Purchase Agreement between the City and Hoepker Center, LLC.
Sponsors: Samba Baldeh
Fiscal Note
The proposed resolution approves an amendment to the Option to Purchase Agreement between the City of Madison and Hoepker Center, LLC for property within The Center for Industry and Commerce (CIC). The proposed amendment removes a portion of Lot 2 (“Sale Property”) so that Motion W Industrial, LLC can purchase that portion. Hoepker Center, LLC is willing to amend the Option to Purchase. The total purchase price of the remaining Lot 2 property by Hoepker Center, LLC is $586,418.95. After closing costs, the estimated net proceeds from the sale is $560,924. Proceeds from the sale will be distributed to the General Land Acquisition Fund and applied towards paying off special assessments on City-owned properties located elsewhere within the CIC. A companion resolution (File 50893) will be introduced to the Common Council to approve the acquisition of the Sale Property by Motion.
Title
Approving an Amendment to the Option to Purchase Agreement between the City and Hoepker Center, LLC.
Body
WHEREAS, on December 16, 2016 a Purchase and Sale Agreement (“PSA”) was executed between the City of Madison and Hoepker Center, LLC, an affiliate of St. John Properties Acquisitions, LLC (“Hoepker”), in part to provide an option to purchase Lots 35-37 and parts of Lots 38, 47, 48, 49, 50 and the entire width of the public street right-of-way known as Graaskamp Way discontinued and vacated on the eastern side of said lots (“Option to Purchase”), located within The Center for Industry & Commerce. This PSA was approved on September 20, 2016 by the Common Council via Resolution Enactment No. RES-16-00714, File No. 44296; and on December 6, 2016 for amendment thereto via File No. 45292; and

WHEREAS, a certified survey map (“CSM”) defined the property for the Option to Purchase as Lot 2 (“Property”) and was recorded with the Dane County Register of Deeds as certified survey map no. 14573, document no. 5346632, volume 100 pages 312-320; and

WHEREAS, Hoepker and City execut...

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