City of Madison, Wisconsin | Legislative Information Center
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File #: 63900    Version: 1 Name: 12033 Development Agreement 1402 S Park St
Type: Resolution Status: Passed
File created: 1/26/2021 In control: Economic Development Division
On agenda: 2/23/2021 Final action: 2/23/2021
Enactment date: 3/3/2021 Enactment #: RES-21-00148
Title: Approving a Development Agreement between the City of Madison and Rule Enterprises, LLC and Movin’ Out, Inc for the sale and redevelopment of 1402 South Park Street, the former Truman Olson United States Army Reserve Center.
Sponsors: Satya V. Rhodes-Conway, Sheri Carter, Tag Evers
Attachments: 1. 12033 Truman Olson Rule_MOI - Development Agreement.pdf, 2. Exhibit B - FINAL revCedarSouthHighWingraPlans.pdf, 3. FILE ID 27233, 4. FILE ID 55522, 5. FILE ID 58251, 6. FILE ID 59334, 7. FILE ID 63901, 8. 210223 Common Council Registrants Report Final.pdf
Related files: 63901
Fiscal Note
The proposed resolution approves a development agreement between the City of Madison and Rule Enterprises, LLC and Movin’ Out, Inc (collectively, the “Developer”) for the sale and redevelopment of 1402 South Park Street. No City appropriation is required with the adoption of this resolution. A companion resolution (File ID 63091) amends the original loan agreement between the City and the Developer.
Title
Approving a Development Agreement between the City of Madison and Rule Enterprises, LLC and Movin’ Out, Inc for the sale and redevelopment of 1402 South Park Street, the former Truman Olson United States Army Reserve Center.
Body
WHEREAS the City of Madison acquired 1402 South Park Street (“Property”) from the United States Department of the Army; and

WHEREAS the City of Madison intends to comply with the intent of Legistar #27233 (Enactment No RES-12-00655) which states that the Property be used “for economic development purposes, including the demolition of the improvements located thereon and the extension of Cedar Street through the Property, as outlined in the City’s Wingra BUILD Plan” thereby implementing the plan submitted to the Federal Government related to the redevelopment of the Property; and

WHEREAS the City of Madison as authorized by Legistar #55522 issued a Request for Proposals (“RFP”) on May 15, 2019 (the “RFP”) and received responses to the RFP on August 9, 2019; and

WHEREAS on December 3, 2019, the City of Madison as authorized by Legistar #58251 selected Rule Enterprises, LLC and Movin’ Out, Inc (collectively, the “Developer”) to undertake the redevelopment of the Property; and

WHEREAS as directed by Legistar #58251 City Staff have negotiated a Development Agreement (the “Agreement”), attached as Exhibit A, with the Developer to undertake said redevelopment of the Property; and

WHEREAS, the Agreement authorizes a donation of the Property by the City to the Developer; and

WHEREAS, the Agreement requires the Developer ...

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