Fiscal Note
The proposed resolution authorizes the transfer of $646,603.33 from the General Land Acquisition Fund to the Special Assessment Fund to pay down the Center for Industry and Commerce (CIC) Special Assessments balance of $2,893,752.68. The $646,603.33 are proceeds from the sale of property in the Interstate Commerce Park that were deposited into the General Land Acquisition Fund. The General Land Acquisition Fund has sufficient fund balance, approximately $1.7 million, to cover the proposed transfer and any budgeted capital expenses for 2019. No additional City appropriation is required.
Title
Authorizing the transfer of funds received from the sale of Lots 1-4, 7-10, and 15 in the Interstate Commerce Park from the Land Acquisition Fund to the Special Assessment Fund.
Body
On September 21, 2004, the City of Madison adopted Substitute Resolution #61854 (ID #36716) accepting the Offers to Sell from Gregory A. Rice and John R. Brigham and Rice Associates and Brigham Woods Corporation and Barbara J. Hoel (“Rice / Brigham”) for approximately 59 acres of land and authorizing the execution of an Agreement of Purchase and Undertake Development between the City of Madison and Rice / Brigham for the development of an industrial park (the “Interstate Commerce Park” or “ICP”) (the “Agreement”). The Agreement authorized the City to acquire the ICP from Rice / Brigham following the annexation of the ICP into the City. The City would then hold the ICP, and sell the ICP back to Rice / Brigham in phases at a base price to be annually escalated at a fixed percentage according to a purchase price schedule. The Agreement required Rice / Brigham to plat the ICP for an industrial park and amend the zoning map. The Agreement required the City to construct public improvements, including roads, water and sanitary to each phase of the ICP, and then specially-assess the cost of these improvements against the ICP. These special assessments would then be collected by the Cit...
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