Fiscal Note
The proposed resolution authorizes the acquisition of the property located at 833 Hughes Place for $620,000 to combine with adjacent City-owned properties at 837 Hughes Place and 2405 Cypress Way to facilitate their redevelopment. Funding for this purchase will be made available by amending the Economic Development Division’s Land Banking capital program for the 2021 Adopted Capital Budget by $620,000. Amending the 2021 Adopted Capital Budget by the full purchase amount will ensure the Land Banking capital program has enough budget authority to close on the property by December 31, 2021. The currently available budget for Land Banking is already committed to the acquisition of other property, authorized by adopted RES-21-00110 (File 63715) and adopted RES-21-00684 (File 67422).
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Authorizing the City’s execution of a Purchase and Sale Agreement between the City of Madison and Amir F. Jafarnejad for the purchase of the property located at 833 Hughes Place in the City of Madison, and amending the Economic Development Division’s 2021 Capital Budget by $620,000 to support such purchase, related due diligence and holding costs. (14th AD)
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WHEREAS, Amir F. Jafarnejad (“Seller”) is the owner of the property located at 833 Hughes Place, which contains 0.35 acres improved with a vacant commercial building (“Property”);
WHEREAS, the City of Madison (“City”) desires to purchase the Property for combination with adjacent City-owned properties at 837 Hughes Place and 2405 Cypress Way (together, the “City Properties”) to facilitate their redevelopment as a future site for a new Centro Hispano (“Centro”) headquarters facility; and
WHEREAS, conveyance of the Property and City Properties to Centro Hispano will further facilitate the City’s acquisition of Centro’s existing property at 818 W. Badger Road for future redevelopment activities; and
WHEREAS, the Mayor and DPCED Director directed City Real Estate Staff to pursue the purchase of the Property for ...
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