Fiscal Note
No additional City appropriation is required for the proposed property sale. The purchase price for approximately 272,753 square feet, or 6.26 acres, of City-owned land shall be $859,172. Any net proceeds following the sale and associated closing costs will be deposited into the City's General Land Acquisition Fund. The General Land Acquisition Fund’s current cash balance is approximately $2.1 million, $1.37 million of which is unassigned fund balance. Proceeds from the proposed sale will increase this cash balance to $2.96 million, assuming the GLA fund has not made a cash purchase of any property.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and O’Neill Properties, LLC or its assigns, for the Purchase of Property located in the Center for Industry & Commerce Business Park (17th AD)
Body
WHEREAS, O’Neill Properties, LLC (“O’Neill”) is seeking to purchase approximately 272,753 square feet, 6.26 Acres of City owned land encompassing Lot 2 CSM No. 14832 in the Center for Industry & Commerce Business Park (the “Property”) for constructing an approximately 90,000 square foot build-to-suit office, flex, manufacturing and warehouse facility; and
WHEREAS, the terms of the purchase and sale agreement will include a guarantee for commencement of construction with a repurchase option 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 O’Neill Properties, LLC 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 Property shall consist of Center for Industry & Commerce Business Park, City of Madison, Lot 2 - Certified Survey Map (CSM) # 14832, totaling approximately 272,753 square feet or 6.26 Acres.
2. Conveyance. Buyer shall purch...
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