Fiscal Note
The proposed resolution authorizes the City of Madison to purchase property located at 221 Bram Street from Colleen Sims. After the property is conveyed to the City, it will be managed by the City’s Storm Water Utility for long-term storm water management plans. Total acquisition costs are estimated to be $241,000 broken out as follows: $156,000 for the purchase price of the Real Estate, $80,000 for demolition costs, and $5,000 for miscellaneous closing costs (Munis No. 11988-84-110). Funding for the acquisition is available through the citywide flood mitigation capital program as GO Borrowing in the Storm Water Utility. No additional City appropriation is required.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Colleen Sims for the purchase of the property located at 221 Bram Street. (14th A.D.)
Body
WHEREAS, Colleen Sims (“Seller”) is the owner of an improved residential parcel located at 221 Bram Street in the City of Madison, Dane County, Wisconsin (“Property”); and
WHEREAS, the Seller executed a Purchase and Sale Agreement on April 24, 2019 for the sale of the Property to the City of Madison (“City”), after negotiating the terms of said agreement with the City’s Storm Water Utility and the Office of Real Estate Services; and
WHEREAS, the purchase price of the Property is supported by an appraisal reviewed and approved by the City’s Office of Real Estate Services; and
WHEREAS, per Addendum A, which is attached to and made part of the Purchase and Sale Agreement, the Seller may exercise the right to occupy the Property after the City takes ownership, subject to the City’s terms and conditions agreed upon by the Seller, as evidenced by the Seller’s execution of Addendum A on April 24, 2019; and
WHEREAS, after the Property is conveyed to the City, it will be managed by the City’s Storm Water Utility, who intends upon razing and removing all structures after the term set forth in Addendum A is...
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