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File #: 53799    Version: Name: 11755 - Disposal / PSA Eurofins Lot 4 Center for Industry & Commerce
Type: Resolution Status: Passed
File created: 11/12/2018 In control: Economic Development Division
On agenda: 12/4/2018 Final action: 12/4/2018
Enactment date: 12/10/2018 Enactment #: RES-18-00832
Title: SUBSTITUTE - Authorizing the Mayor and City Clerk to execute a Purchase and Sale Agreement with Eurofins Scientific, S.E., or its assigns for Lot 4 of CSM Map No. 14573 in the Center for Industry and Commerce.
Sponsors: Samba Baldeh, Paul R. Soglin
Attachments: 1. EUROFINS CSM #14573.pdf, 2. V1 File ID 53799 Master26-Nov-2018-02-44-29.pdf
Fiscal Note
The proposed resolution authorizes a Purchase and Sale Agreement between the City of Madison and Eurofins Scientific, S.E. or its assigns. The City will sell Lot 4 (22.34 acres) within the Madison Center for Industry & Commerce (CIC) for $2,098,060. Eurofins Scientific, S.E. intends to develop a laboratory and research facility (the "Project") on the purchased property and retain 375 full-time employees. All City expenses due to special assessments, closing costs, and other related fees are covered by the purchase price and CIC capital program. No additional City appropriation is required.
Title
SUBSTITUTE - Authorizing the Mayor and City Clerk to execute a Purchase and Sale Agreement with Eurofins Scientific, S.E., or its assigns for Lot 4 of CSM Map No. 14573 in the Center for Industry and Commerce.
Body
WHEREAS, the Common Council adopted a resolution (RES-13-00460, File ID 30382) on June 18, 2013 which authorized the execution of an “Agreement to Terminate the ’Agreement to Purchase and Undertake Development of the Northeast Industrial Property’ ” (“Purchase and Development Agreement”) which was executed between the City of Madison (“City”) and The Center for Industry & Commerce, LLC (“LLC”) for the development of a mixed -use industrial park; and,

WHEREAS, under the terms of the Purchase and Development Agreement, the LLC deeded back to the City, at no cost, 14 lots it had previously purchased from the City, and was relieved of any remaining obligations, including the obligation to purchase an additional 78 lots from the City; and,

WHEREAS, the adoption of this resolution will authorize the sale of Lot 4 of CSM Map No. 14573 (22.34 acres) owned by the City in The Center for Industry and Commerce; and,

WHEREAS, Eurofins Scientific purchased Covance Food Solutions on August 1, 2018; and,

WHEREAS, Covance has been a long-term City of Madison employer, with Covance’s other existing business units remaining at the current Madison facility; an...

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