City of Madison, Wisconsin | Legislative Information Center
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File #: 65845    Version: 1 Name: 12050 - South Madison Land Banking 1901 S Park St Acquisition
Type: Resolution Status: Passed
File created: 6/7/2021 In control: Economic Development Division
On agenda: 7/6/2021 Final action: 7/6/2021
Enactment date: 7/12/2021 Enactment #: RES-21-00472
Title: Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Parkwood Partners, LLC, for the City’s acquisition of the property located at 1901 and 1915 South Park Street for land banking purposes. (14th AD)
Sponsors: Sheri Carter, Charles Myadze
Attachments: 1. 12050 Exhibit A.pdf, 2. 12050 Exhibit B.pdf
Fiscal Note
The proposed resolution authorizes the $1.5 million acquisition of property located at 1901 and 1915 South Park Street. The estimated acquisition cost for the property is $1,440,000 plus $40,000 in additional real estate costs for environmental site assessment, title work, and miscellaneous closing costs. Additionally, an estimated $20,000 for property holding costs are needed. Funding for the purchase of the property and associated holding costs are to come from the Land Banking Fund, which has approximately $4.1 million in available budget authority. No additional City appropriation is required.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Parkwood Partners, LLC, for the City’s acquisition of the property located at 1901 and 1915 South Park Street for land banking purposes. (14th AD)
Body
WHEREAS, Parkwood Partners, LLC (the “Seller”), is the owner of two adjacent parcels of property, with one parcel being located at 1901 South Park Street containing 29,500 square feet of land and 11,882 square feet of retail space, and the second parcel being located at 1915 South Park Street containing 4,958 square feet of vacant land currently being used as a parking lot, 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 a purchase price of $1,440...

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