City of Madison, Wisconsin | Legislative Information Center
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File #: 61906    Version: 1 Name: 12049 - Reso Amendment PSA 1810 S Park St
Type: Resolution Status: Passed
File created: 8/25/2020 In control: Economic Development Division
On agenda: 9/15/2020 Final action: 9/15/2020
Enactment date: 9/21/2020 Enactment #: RES-20-00669
Title: Amending second Substitute Resolution 20-00371 authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Stopple Revocable Trust for the City’s acquisition of the property located at 1810 South Park Street for land banking purposes, and to approve Madison Property Management as temporary property manager. (14th A.D.)
Sponsors: Sheri Carter
Attachments: 1. Hyperlink FILE 60226 - Resolution 20-00371, 2. 14049 1810 South Park St PSA 2 v2 Final.pdf
Fiscal Note
The proposed resolution authorizes an amended Purchase and Sale Agreement for property located at 1810 South Park Street. Adopted RES-20-00371 (File ID 60226) approved an estimated acquisition cost of approximately $1.2 million. The amendment presented by this resolution sets the purchase price to $1.05 million. Funding for the purchase and holding costs of the property is in the form of TIF proceeds, funded by TID #42. No additional City appropriation is required.
Title
Amending second Substitute Resolution 20-00371 authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Stopple Revocable Trust for the City’s acquisition of the property located at 1810 South Park Street for land banking purposes, and to approve Madison Property Management as temporary property manager. (14th A.D.)
Body
WHEREAS, the Common Council approved Resolution 20-00371 (the “Resolution”) authorizing the purchase of property from Stopple Revocable Trust (“Seller”) at 1810 South Park Street (the “Property”); and

WHEREAS, as part of the Purchase and Sale Agreement authorized by the Resolution (the “First PSA”), the City performed environmental testing at the Property and found environmental contamination that requires remediation; and

WHEREAS, the City terminated the First PSA and negotiated a new Purchase and Sale Agreement (the “New PSA”) that includes a reduced Purchase Price to reflect anticipated environmental remediation expenses; and

WHEREAS, upon acquisition of the Property, the building on the Property will have tenants and will require immediate property management services in advance of the City’s ability to conduct a request for proposals (“RFP”) process; and

WHEREAS, Madison Property Management, Inc. (“MPM”) is the current manager, and can remain as manager while the City conducts a RFP process; and

WHEREAS, in order to receive additional protections under environmental statutes, and as is consistent with the TID 42 Project ...

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