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File #: 70638    Version: 1 Name: 12512 Disposal - CIC Lots 27 & 28 PSA
Type: Resolution Status: Passed
File created: 3/22/2022 In control: Economic Development Division
On agenda: 4/19/2022 Final action: 4/19/2022
Enactment date: 4/25/2022 Enactment #: RES-22-00310
Title: Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and JEAJR 1935, LLC or its assigns, for the Purchase of Property located in the Center for Industry & Commerce Business Park (17th AD)
Sponsors: Gary Halverson
Attachments: 1. Location Map CIC Lot 27 & 28 JEAJR 1935 LLC.pdf, 2. 220419 Common Council Registrants Report.pdf
Fiscal Note
No additional City appropriation is required for the proposed property sale. The purchase price for approximately 210,418 square feet, or 4.83 acres, of City-owned land shall be $4.00 per square foot as identified in the final certified survey map for an estimated total of $841,672. 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 $2.68 million, $1.37 million of which is unassigned fund balance. Proceeds from the proposed sale will increase this cash balance to $3.41 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 JEAJR 1935, LLC or its assigns, for the Purchase of Property located in the Center for Industry & Commerce Business Park (17th AD)
Body
WHEREAS, JEAJR 1935, LLC (“JEAJR”) is seeking to purchase approximately 210,418 square feet, 4.83 Acres of City owned land encompassing Lots 27 & 28 in the Center for Industry & Commerce Business Park (the “Property”) for constructing an approximately 60,000 square foot build-to-suit office and light industrial building; 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 JEAJR 1935, 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, Lots 27 & 28, totaling approximately 210,418 square feet or 4.83 Acres. The final confi...

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