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File #: 54220    Version: 1 Name: 11173 Acquisition - Olin Park - WI Medical Society E. Lakeside St.
Type: Resolution Status: Passed
File created: 12/27/2018 In control: Economic Development Division
On agenda: 2/5/2019 Final action: 2/5/2019
Enactment date: 2/8/2019 Enactment #: RES-19-00095
Title: Amending the 2019 Adopted Parks Division Capital Budget and Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Wisconsin Medical Society, Inc. for the City’s acquisition of two parcels of land located at 330 and 342 East Lakeside Street for assemblage with Olin Park. (13th A.D.)
Sponsors: Allen A. Arntsen, Sheri Carter, Samba Baldeh, Paul R. Soglin
Attachments: 1. 11173 Reso Exhibit A.pdf, 2. 11173 Reso Exhibit B.pdf, 3. WI Medical Society Public Comment.pdf
Date Ver.Action ByActionResultAction DetailsWatch
2/5/20191 COMMON COUNCIL Adopt - 15 Votes RequiredPass Action details Not available
1/14/20191 FINANCE COMMITTEE RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICERPass Action details Not available
1/9/20191 BOARD OF PARK COMMISSIONERS Return to Lead with the Recommendation for ApprovalPass Action details Not available
1/8/20191 FINANCE COMMITTEE Referred  Action details Not available
1/8/20191 COMMON COUNCIL ReferPass Action details Not available
12/27/20181 Economic Development Division Referred for Introduction  Action details Not available
Fiscal Note
The proposed resolution amends the Parks Division 2019 Capital Budget by appropriating $5,550,000 from the Citywide Parkland Impact Fee District (Munis 12405112) to the Olin Park Expansion project (Munis project 17515) and authorizes the execution of a Purchase and Sale Agreement (PSA) between the City of Madison and the owner of the property. The total acquisition costs are estimated to be $5,550,000: $5,500,000 for the purchase price of the property, $30,000 for testing, and $20,000 for miscellaneous closing costs (prorated taxes, filing fees, etc.) and Real Estate staff costs.

Title
Amending the 2019 Adopted Parks Division Capital Budget and Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Wisconsin Medical Society, Inc. for the City’s acquisition of two parcels of land located at 330 and 342 East Lakeside Street for assemblage with Olin Park. (13th A.D.)
Body
WHEREAS, Wisconsin Medical Society, Inc. (“Seller”) is the owner of the property located at 330 and 342 East Lakeside Street in the City of Madison, Dane County, Wisconsin (the “Property”), as legally described on the attached Exhibit A and depicted on attached Exhibit B consisting of approximately 3.65 acres; and

WHEREAS, the Property is subject to a right of first refusal to purchase benefitting the City of Madison, a Wisconsin municipal corporation (“Buyer”) since 1996; and

WHEREAS, the adopted 2018 Comprehensive Plan identifies the Property as parkland on the Generalized Future Land Use Map with the following note: “The existing office and residential uses are recommended to continue until a future opportunity arises to convert this area to public park and open space use …;” and

WHEREAS, the adopted 2018 Park and Open Space Plan includes the recommendation to “Improve Public Access to Lakes;” and

WHEREAS, the acquisition of the Property will add nearly 450 linear ft of shoreline for public access to Lake Monona; and

WHEREAS, the additi...

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