City of Madison, Wisconsin | Legislative Information Center
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File #: 55117    Version: Name: Authorizing an Addendum to the Annexation / Attachment Agreement between the City of Madison and Cherokee Park Development, Inc. to close the land bank in the agreement.
Type: Resolution Status: Passed
File created: 3/19/2019 In control: FINANCE COMMITTEE
On agenda: 4/30/2019 Final action: 4/30/2019
Enactment date: 5/6/2019 Enactment #: RES-19-00355
Title: Authorizing an Addendum to the Annexation / Attachment Agreement between the City of Madison and Cherokee Park Development, Inc. to close the land bank in the agreement.
Sponsors: Rebecca Kemble
Attachments: 1. 55117 Stewart Property Location Legistar 04942 Exhibit A.pdf, 2. 55117 v1.pdf
Date Ver.Action ByActionResultAction DetailsWatch
4/30/20192 COMMON COUNCIL AdoptPass Action details Not available
4/22/20192 PLAN COMMISSION Return to Lead with the Recommendation for ApprovalPass Action details Not available
4/22/20192 FINANCE COMMITTEE RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICERPass Action details Not available
4/16/20192 FINANCE COMMITTEE Referred  Action details Not available
4/16/20192 COMMON COUNCIL ReferPass Action details Not available
4/10/20192 BOARD OF PARK COMMISSIONERS Return to Lead with the Recommendation for ApprovalPass Action details Not available
3/19/20191 COMMON COUNCIL ReferPass Action details Not available
3/19/20191 Parks Division Referred for Introduction  Action details Not available
Fiscal Note
The proposed resolution authorizes an addendum to the agreement between the City of Madison and Cherokee Park Development, Inc. The addendum recognizes a final reconciliation of parkland dedication requirements and authorizes a related payment. Based upon a mutually agreeable accounting, the City will pay to Cherokee Park Development an amount not to exceed $104,157.41. This payment represents the value of the dedicated land that was in excess of dedication requirements. Funding for this payment is available in the Parks Division Land Acquisition capital project (Munis 17128).
Title
Authorizing an Addendum to the Annexation / Attachment Agreement between the City of Madison and Cherokee Park Development, Inc. to close the land bank in the agreement.
Body
WHEREAS, the City of Madison ("City") and Cherokee Park Development, Inc. ("CPI") entered into an Annexation / Attachment Agreement ("Agreement") on April 11, 2007 to address future development of CPI lands; and,

WHEREAS, Paragraph 4(c)(ii) of the Agreement specifies that CPI will dedicate certain lands, known as the Stewart Property, to the City to serve as a land bank for park dedication requirements of anticipated future CPI development; and,

WHEREAS, the City and CPI agreed on the value of the Stewart Property lands, based in part on the development potential of the lands; and,

WHEREAS, the City and CPI agreed that when all development was completed, an accounting would occur to determine whether the Stewart Property dedication exceeded the actual dedication required; and,

WHEREAS, the City and CPI agreed that the City would compensate CPI for the value of the dedicated land in the land bank that was in excess of dedication requirements; and,

WHEREAS, in early 2009, the City accepted the Stewart Property dedication; and,

WHEREAS, the City purchased the Fifth Addition to Cherokee Park plat lands from CPI in 2010, thereby reducing the anticipated park dedication requirements covered by t...

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