Fiscal Note
The proposed resolution authorizes the execution of a Purchase and Sale Agreement between the City of Madison and Parthy Schachter and Aviv Kammay for the City’s acquisition of the property for the expansion of Sherry (O.B.) Park. The estimated acquisition cost is $224,000 for the parcel plus $20,000 in additional real estate costs for environmental site assessment, title work, miscellaneous closing costs, and staff time for a total amount of $244,000. The Parks Division 2020 adopted capital budget includes $6,520,000 in the Land Acquisition capital program (Munis project #17128), funded by Park Impact Fees. Sufficient funding is available in this project for the purchase of the parcel.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Parthy Schachter and Aviv Kammay for the City’s acquisition of the property located at 3465 Milwaukee Street for the expansion of O.B. Sherry Park.
Body
WHEREAS, Parthy Schachter and Aviv Kammay (together, the “Seller”) are the owners of the property containing 10,188 square feet of land and single family home improvements, located at 3465 Milwaukee Street and legally described on Exhibit A, attached hereto (“Property”); and
WHEREAS, the City of Madison (“City”) desires to purchase the Property for the expansion of the adjacent O.B. Sherry Park, as the acquisition of properties in the vicinity of O.B. Sherry Park is a long term goal of the City’s Parks Division; and
WHEREAS, the City’s adopted Milwaukee Street Special Area Plan identifies the Property as parkland on the Future Land Use Map and includes the following statement: “The plan also includes the potential expansion of O.B. Sherry Park via acquisition of five residential properties on the Milwaukee Street between Leon Street and Fair Oaks Avenue. This would provide much improved visibility into, and awareness of O.B. Sherry Park with the intent of activating the park space. It’s recommended the City pursue ac...
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