City of Madison - File #: 52957

• File #: 52957
• Version: 1
• Name: 11424 - Amending Resolution Enactment No. RES-18-00349 which authorizes the execution of a Purchase and Sale Agreement between the City of Madison and the owner of the property located at 6444 Nesbitt Road for the expansion of Apple Ridge Park.
• Type: Resolution
• Status: Passed
• File created: 8/23/2018
• In control: Economic Development Division
• On agenda: 9/4/2018
• Final action: 9/25/2018
• Enactment date: 9/28/2018
• Enactment #: RES-18-00692
• Title: Amending Resolution Enactment No. RES-18-00349 which authorizes the execution of a Purchase and Sale Agreement between the City of Madison and the owner of the property located at 6444 Nesbitt Road for the expansion of Apple Ridge Park.
• Sponsors: Sheri Carter, Marsha A. Rummel
• Related files: 51003

Date	Ver.	Action By	Action	Result
9/25/2018	1	COMMON COUNCIL	Adopt	Pass
9/24/2018	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
9/17/2018	1	PLAN COMMISSION	Return to Lead with the Recommendation for Approval	Pass
9/5/2018	1	BOARD OF PARK COMMISSIONERS	Return to Lead with the Recommendation for Approval	Pass
9/4/2018	1	FINANCE COMMITTEE	Referred
9/4/2018	1	FINANCE COMMITTEE	Referred
9/4/2018	1	COMMON COUNCIL	Refer	Pass
8/23/2018	1	Economic Development Division	Referred for Introduction

Fiscal Note
The proposed resolution amends Resolution Enactment No. RES-18-00349, which authorizes the execution of a Purchase and Sale Agreement between the City of Madison and the owner of the property located at 6444 Nesbitt Road for the expansion of Apple Ridge Park. The Purchase and Sale Agreement estimated acquisition cost at $267,000 for the parcel plus $20,000 in additional real estate costs for environmental site assessment, title work, miscellaneous closing costs, and staff time for a total cost of $287,000. The Seller has since received a second-opinion appraisal which valued the property at $325,000. The Seller requests, and the proposed resolution authorizes, that the difference between the City’s purchase price of $267,000 and the second opinion value of $325,000 be accepted by the City as a non-cash charitable donation. The resolution also extends the closing date by 120 days.

The Parks Division 2018 capital budget includes $9,000,000 in the Land Acquisition project (Munis project 17128), funded by Park Impact Fees. Funding is available in this project for the purchase of the parcel. This amendment does not require any additional outlay by the City.

Title
Amending Resolution Enactment No. RES-18-00349 which authorizes the execution of a Purchase and Sale Agreement between the City of Madison and the owner of the property located at 6444 Nesbitt Road for the expansion of Apple Ridge Park.
Body
WHEREAS, on May 1, 2018, a Purchase and Sale Agreement (“PSA”) between the City of Madison (“City”) and James R. Weber and Susan Weber (“Seller”) was approved by Resolution Enactment No. RES-18-00349, File No. 51003 (copy attached as Exhibit A), which authorized the City to pay $267,000 for the purchase of property located at 6444 Nesbitt Road (“Property”) for the expansion of Apple Ridge Park; and

WHEREAS, subsequent to executing the PSA, the Seller engaged Bussen Company to provide a second-opinion appraisal which valued the Property at $325,000; and...