Fiscal Note
No additional City appropriation is required for the proposed property sale. The purchase price for approximately 607,893 square feet, or 13.96 acres, of City-owned land shall be $2.41 per square foot as identified in the final certified survey map for an estimated total of $1,146,000. Any net proceeds following the sale and associated closing costs will be deposited into the Water Utility Fund.
Title
Authorizing the City’s execution of a Purchase and Sale Agreement between the City of Madison and Hawthorne & Stone Construction, Inc. for the sale of surplus property located at 10451 Old Sauk Road in the City of Madison. (9th AD)
Body
WHEREAS the Property at 10451 Old Sauk Road totals approximately 15.68 acres and was acquired by the Madison Water Utility (the “Water Utility”) in 2000 for the purposes of establishing an aerial reservoir to serve the far west side of the City; and
WHEREAS the property was attached to the City from the Town of Middleton in August 2016 in anticipation of construction of the water tower, which occurred from 2017-2019 and is now completed; and
WHEREAS now that the water tower is established, the Water Utility intends to retain an approximately 1.72-acre parcel (“Outlot 3”) providing access to its water tower and related operations and sell the remainder of the Property, which has been identified as surplus; and
WHEREAS selling the balance of the Property represents an important opportunity to add a tax-generating development for the benefit of the City and its other taxing jurisdictions that can also provide housing, connectivity, transportation, and additional amenities to residents; and
WHEREAS the City of Madison desires new high-quality residential development on the Property that connects to existing neighborhoods in the immediate area, proceeds in a manner that is consistent with adopted City values, plans and ordinances; and
WHEREAS, pursuant to a Request for Proposals (RFP) issued by the Department of Pl...
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