City of Madison, Wisconsin | Legislative Information Center
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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
Attachments: 1. 51003.pdf, 2. 11424 Bussen Appraisal - Weber - 6444 Nesbitt Rd.pdf, 3. 11424 Executed Purchase and Sale Agreement.pdf, 4. 11424 Weber Charitable Donation Form 8283_2018-08-20.pdf
Related files: 51003
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...

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