Fiscal Note
The proposed resolution authorizes the sale of a City owned parcel located at 14 S. Paterson Street. The total purchase price is $380,000. Proceeds for the sale will be deposited in the Water Utility fund.
The proceeds generated from the sale of this property will support the Water Utility's efforts to build a cash balance; a total of nine properties are targeted to be sold by the end of 2019.
MUNIS:
Debit 21013100-11000 $380,000.00
Credit 21038900-19100 $14,260.35
Credit 86543400-48130 $365,739.65
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and 849 EWASH, LLC, a Wisconsin limited liability company, for the disposal of the city-owned property located at 14 S. Paterson Street. (6th A.D.)
Body
WHEREAS, the City of Madison Water Utility (the “Seller”) is the owner of the property located at 14 S. Paterson 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; and
WHEREAS, the Seller has identified the Property as surplus property; and
WHEREAS, the Property is exempt from the disposal of surplus property requirements set forth in Madison General Ordinances Sec. 8.075 because it is owned by the Water Utility; and
WHEREAS, the Seller desires to convey the Property to 849 EWASH, LLC (the “Buyer”); and
WHEREAS, the contemplated purchase price of $380,000 is based upon an appraisal which was reviewed and approved by the City of Madison Office of Real Estate Services; and
WHEREAS, the Buyer and Seller (the “Parties”) have agreed to the terms of a Purchase and Sale Agreement.
NOW, THEREFORE BE IT RESOLVED that the Common Council of the City of Madison hereby authorizes the Mayor and City Clerk to execute a Purchase and Sale Agreement (the “Agreement”) to sell the Property to the Buyer, subject to the following terms and conditions:
1. Property. The Buyer shall purchase, and the Seller shall sell a...
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