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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