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 ...
Click here for full text