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File #: 50932    Version: 1 Name: 11365 PSA Amendment CIC Lot 4 Schlueter
Type: Resolution Status: Passed
File created: 3/14/2018 In control: FINANCE COMMITTEE
On agenda: 4/10/2018 Final action: 4/10/2018
Enactment date: 4/18/2018 Enactment #: RES-18-00301
Title: Amending the Purchase and Sale Agreement between the City and John Schlueter for the acquisition of Lot 4 in The Center for Industry & Commerce.
Sponsors: Samba Baldeh
Fiscal Note
The proposed resolution approves a Purchase and Sale Agreement between the City of Madison and John Schlueter for acquisition of property within The Center for Industry and Commerce (CIC). The total purchase price of Lot 4 by John Schlueter is $2,214,368. After subtracting extraordinary special assessments to be paid by the City and closing costs, the estimated net proceeds from the sale is $1,632,764. 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
Amending the Purchase and Sale Agreement between the City and John Schlueter for the acquisition of Lot 4 in The Center for Industry & Commerce.
Body
WHEREAS, on August 1, 2017 the Common Council approved the sale of a number of lots within the City owned Center for Industry and Commerce (“CIC”) to John Schlueter (“Buyer”) via Resolution Enactment No. RES-17-00653, File No. 48041; and

WHEREAS, on October 27, 2017 a Purchase and Sale Agreement (“PSA”) with Buyer was executed for Lot 4 of the CSM (“Property”); and

WHEREAS, the realignment of Ronald Regan Avenue within CIC, the vacation of southern Graaskamp Way and the creation of Lots 1 through 4 was depicted via certified survey map number 14573 that was recorded on August 3, 2017 as map no. 14573, document no. 5346632, volume 100 pages 312-320 (the “CSM”); and

WHEREAS, the City needs to build Ronald Regan Avenue and John Wall Drive, remove existing infrastructure due to the realignment of Ronald Regan Avenue per the CSM, and relocate a swale that bisects Lots 3 & 4 of the CSM to the northern part of said lots. This work will be performed per public works contract #7843 (“PW”); and

WHEREAS, Engineering segregated the estimated special assessments for Lot 4 into two categories: (i) the pro-rata share to build Ronald Reagan Avenue per the CSM and the related street utility construction costs (“Normal Speci...

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