Fiscal Note
The purchase price for the proposed purchase and sale agreement is $800,142. The net proceeds from the sale will be used to pay off any special assessments on City-owned property in the Center for Industry and Commerce (CIC). The net proceeds will also fund, subject to City approvals, the acquisition of the Lot 60 in the CIC, which is owned by the Water Utility. Any remaining proceeds will be transferred to the City’s Land Banking capital fund. No additional City appropriation is required with the sale of this property.
Title
Authorizing a Purchase and Sale Agreement with Greywolf Acquisitions, LLC and/or its assigns for the sale of Lots 3 of Certified Survey Map 14573 within the Center for Industry and Commerce (“CIC”). (17th AD)
Body
WHEREAS, The Common Council adopted a resolution (RES-13-00460) on June 18, 2013 which authorized the execution of an “Agreement to Terminate the ‘Agreement to Purchase and Undertake Development of the Northeast Industrial Property’” (“Purchase and Development Agreement”) which was executed between the City of Madison (“City”) and The Center for Industry & Commerce, LLC (“LLC”) for the development of a mixed-use industrial park; and,
WHEREAS, the City assumed ownership of the remaining vacant properties located within The Center for Industry & Commerce, LLC (“CIC”) at that time; and,
WHEREAS, the City has since been selling vacant property within CIC for light industrial and business uses; and,
WHEREAS, Greywolf Acquisitions, LLC and City staff have agreed to the principal terms of a sale of property within CIC.
NOW THEREFORE BE IT RESOLVED, that the Common Council authorizes the Mayor, Clerk and approved City staff to execute a Purchase and Sale Agreement with the Purchaser on substantially the following terms and conditions:
Purchaser: Greywolf Acquisitions, LLC and/or assigns, with the prior written notice of the City of Madison.
Seller: City of Madison (“City”)
Property: Lot 3 of Certified Surv...
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