City of Madison, Wisconsin | Legislative Information Center
Share to Facebook Share to Twitter Bookmark and Share
File #: 63715    Version: 1 Name: 12184 - South Madison Land Banking Acquisition
Type: Resolution Status: Passed
File created: 1/12/2021 In control: Economic Development Division
On agenda: 2/2/2021 Final action: 2/2/2021
Enactment date: 2/4/2021 Enactment #: RES-21-00110
Title: Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Lutz Properties, LLC, for the City’s acquisition of the property located at 814 North Avenue and 826 North Avenue for land banking purposes. (14th AD)
Sponsors: Sheri Carter, Satya V. Rhodes-Conway, Tag Evers
Attachments: 1. 12184 Exhibit A.pdf, 2. 12184 Exhibit B.pdf
Fiscal Note
The proposed resolution authorizes the City’s purchase of two commercial parcels for land banking purposes. The estimated acquisition cost for the property is $940,000 plus another $40,000 for an environmental site assessment, title work, and miscellaneous closing costs. Additionally, an estimated $20,000 for property holding costs and $200,000 for demolition costs will be needed, bringing the total to approximately $1.2 million. The property purchase, holding costs, and demolition costs will be entirely funded by the Economic Development Division’s Land Banking capital program, which has approximately $4.2 million in available budget authority.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Lutz Properties, LLC, for the City’s acquisition of the property located at 814 North Avenue and 826 North Avenue for land banking purposes. (14th AD)
Body
WHEREAS, Lutz Properties, LLC (the “Seller”) is the owner of two adjacent parcels of property, with one parcel being located at 814 North Avenue containing 38,127 square feet of land and 8,200 square feet of commercial warehouse space, and the second parcel being located at 826 North Avenue containing 24,510 square feet of vacant commercial land, both as legally described on Exhibit A and depicted on Exhibit B, attached hereto (collectively, the “Property”); and

WHEREAS, the City of Madison (the “City”) desires to purchase the Property for land banking purposes that are being contemplated in the updated South Madison Plan; and

WHEREAS, the Mayor directed City Real Estate staff to pursue the purchase of suitable properties in the South Park Street corridor; and

WHEREAS, the City’s acquisition of the Property would provide expanded opportunities for the City to guide future housing and commercial development; and

WHEREAS, the Seller agrees, in accordance with an executed Purchase and Sale Agreement (the “Agreement”), to sell the Property to the City for ...

Click here for full text