Fiscal Note
Fiscal note pending.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Sally J. Stevens for the City’s acquisition of the property located at 354 East Lakeside Street for assemblage with Olin Park.
Body
WHEREAS, Sally J. Stevens (“Seller”) is the owner of the property containing 8,591 square feet of land and single family home improvements, located at 354 East Lakeside Street legally described as Lot 3, Plat of Pleasure Park, in the City of Madison, Dane County, Wisconsin (“Property”); and
WHEREAS, the City of Madison (“City”) desires to purchase the Property for assemblage with Olin Park, as the acquisition of properties in the vicinity of Olin Park is a long term goal of the City’s Parks Division; and
WHEREAS, the City’s adopted 2018 Comprehensive Plan identifies the Property as parkland on the Generalized Future Land Use Map with the following note: “The existing office and residential uses are recommended to continue until a future opportunity arises to convert this area to public park and open space use …;” and
WHEREAS, the City’s acquisition of the Property would add approximately 58 linear feet of shoreline for public access to Lake Monona, while providing expanded opportunities for recreational uses in this heavily used park, which is consistent with the City’s adopted 2018 Park and Open Space Plan includes the recommendation to “Improve Public Access to Lakes”; and
WHEREAS, the Seller agrees, by virtue of an executed Purchase and Sale Agreement (“Agreement”), to sell the Property to the City for a purchase price of $787,500, which was negotiated based on two appraisals reviewed and approved by the City’s Office of Real Estate Services; and
WHEREAS, the City and the Seller (“Parties”) agree that the Agreement for the acquisition of the Property shall include an addendum defining initial terms, in the event the Seller desires to lease the Property after conveyance to the City, to allow ti...
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