City of Madison, Wisconsin | Legislative Information Center
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File #: 66789    Version: 1 Name: 12033 - Cap Budget Amendment; 1402 S Park Grocery
Type: Resolution Status: Passed
File created: 8/3/2021 In control: COMMON COUNCIL
On agenda: 8/31/2021 Final action: 8/31/2021
Enactment date: 9/7/2021 Enactment #: RES-21-00614
Title: Amending RES-21-00148 Approving a Development Agreement for the sale and redevelopment of 1402 South Park Street, commonly known as Truman Olson, Rescinding RES-2100485 Authorizing a Grant to Luna’s Grocery, and Amending the 2021 Adopted Capital Budget to Provide a Four Million Seven Hundred Thousand ($4,700,000) Commitment to Purchase the Grocery Condominium Unit. (13th A.D.)
Sponsors: Tag Evers, Satya V. Rhodes-Conway, Sheri Carter, Yannette Figueroa Cole, Regina M. Vidaver
Attachments: 1. Truman Olson Grocery Development Memo FINAL 080321.pdf
Fiscal Note
The proposed resolution authorizes amending the Economic Development Division’s 2021 adopted capital budget by $4,700,000 in order to purchase Unit 2 of a Condominium Plat, which is part of an affordable housing and grocery store development, pursuant to a development agreement with Rule Enterprises, LLC and Movin’ Out, Inc (Legistar File ID #58251). The $4.7 million for the newly created capital project will be funded by General Fund GO Borrowing. The proposed resolution also rescinds the $780,000 grant, authorized by RES-21-00485 (Legistar File ID #66044), originally awarded to the “owner” of the grocery store.
Title
Amending RES-21-00148 Approving a Development Agreement for the sale and redevelopment of 1402 South Park Street, commonly known as Truman Olson, Rescinding RES-2100485 Authorizing a Grant to Luna’s Grocery, and Amending the 2021 Adopted Capital Budget to Provide a Four Million Seven Hundred Thousand ($4,700,000) Commitment to Purchase the Grocery Condominium Unit. (13th A.D.)
Body
WHEREAS on December 3, 2019, the City of Madison as authorized by Legistar File ID No. #58251 selected Rule Enterprises, LLC and Movin’ Out, Inc (collectively, the “Developer”) to undertake the redevelopment of property located at 1402 S. Park Street (the “Property”); and

WHEREAS as directed by Legistar File ID No. #58251 City Staff negotiated a Development Agreement (the “Development Agreement”) with the Developer to undertake said redevelopment of the Property which was subsequently executed on May 12, 2021; and

WHEREAS, the Development Agreement authorizes the sale of the Property by the City to the Developer, provided (i) that the Developer has secured all Municipal development and zoning approvals and secured all necessary financing to construct a private development (the “Development”), and (ii) that the Development shall consists of one hundred and fifty (150) units of affordable housing and a grocery store (“Grocery”) of no less than twenty-fou...

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