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File #: 50893    Version: 1 Name: 11026 CIC PSA Lot 2 Motion W Industrial 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-18-00298
Title: Authorizing the execution of a Purchase and Sale Agreement with Motion W Industrial, LLC for a portion of Lot 2 in The Center for Industry & Commerce.
Sponsors: Samba Baldeh
Attachments: 1. 11026 Exhibit A.pdf
Fiscal Note
The proposed resolution approves a Purchase and Sale Agreement between the City of Madison and Motion W Industrial, LLC for property within The Center for Industry and Commerce (CIC). Motion W Industrial, LLC has requested to purchase land adjacent to their recently purchased property and within Lot 2 of the CIC, which is owned by the City and currently under an Option to Purchase Agreement by Hoepker Center, LLC. A companion resolution (File 50892) will be introduced to the Common Council to approve amending the Option to Purchase Agreement between the City and Hoepker Center, LLC. The total purchase price of the “Expansion Property” in Lot 2 by Motion W Industrial, LLC is $56,575. After adding proceeds of $5,004.90 from a pro rata share of outstanding special assessments and subtracting closing costs, the estimated net proceeds from the sale is $61,791. 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.
Title
Authorizing the execution of a Purchase and Sale Agreement with Motion W Industrial, LLC for a portion of Lot 2 in The Center for Industry & Commerce.
Body
WHEREAS, on October 6, 2016, the City executed a Purchase and Sale Agreement (“PSA”) with Greywolf Partners, Inc., as assigned to Motion W Industrial, LLC (“Buyer”), for the acquisition of the City owned Lots 21-23 and 32-34 (“Property”) in The Center for Industry and Commerce (“The CIC”) as approved by the Common Council via Resolution Enactment No. Res-16-00567, File No. 43702; and

WHEREAS, the closing on the Property occurred on February 7, 2018; and

WHEREAS, the Buyer has requested to purchase an additional parcel of adjacent land that is 22,630 square feet (“Expansion Property”) within Lot 2 of The CIC (“Lot 2”) owned by the City, and currently under an Option to Purchase Agreement by Hoepker Center, LLC (“HCLLC”) as approved by Res 16-00714 on...

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