City of Madison, Wisconsin | Legislative Information Center
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File #: 54089    Version: 1 Name: 11674 Disposal - 14 S. Paterson St. Water Utility Parking Lot
Type: Resolution Status: Passed
File created: 12/7/2018 In control: FINANCE COMMITTEE
On agenda: 2/5/2019 Final action: 2/26/2019
Enactment date: 3/1/2019 Enactment #: RES-19-00141
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.)
Sponsors: Marsha A. Rummel
Attachments: 1. 11674 Resolution Exhibit A.pdf, 2. 11674 Resolution Exhibit B.pdf
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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