Fiscal Note
The proposed resolution authorizes the sale of property located in the Southeast Madison Business Park from the City of Madison to the South Central Library System (SCLS). The SCLS will be constructing a consolidated office and warehouse facility on the property. The purchase price is $348,480 with the net proceeds being deposited into the City’s General Land Acquisition fund. No additional City appropriation is required.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and South Central Library System or its assigns, for the Purchase of Property located in the Southeast Madison Business Park (16th A.D.)
Body
WHEREAS, South Central Library System (“SCLS”) is seeking to purchase approximately 160,301 square feet, 4.12 Acres of City owned land in the Southeast Madison Business Park for constructing a consolidated office and warehouse facility (the “Property”); and
WHEREAS, SCLS intends to construct an approximately 35,000 square foot office/warehouse facility and retain seventy full time equivalent jobs on the Property; and
WHEREAS, the terms of the purchase and sale agreement will include a guarantee for commencement of construction together with penalties for non-compliance.
NOW, THEREFORE, BE IT RESOLVED, that the Common Council of the City of Madison hereby authorizes the Mayor and Clerk to execute a Purchase and Sale Agreement (“Agreement”) between the City (“Seller”) and South Central Library System, Inc and/or its assigns (“Buyer”), for the purchase of the Property on substantially, though not exclusively, on the following terms and conditions:
1. Property. The boundaries for the Property shall be mutually agreed upon by Buyer and Seller within thirty (30) days after the Effective Date (defined below) and such boundaries shall be memorialized as the final legal description for the Property, at the sole expense of Buyer, in a certified survey map recorded on or before closing in form reasonably s...
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