Fiscal Note
The proposed resolution authorizes the purchase of property located at 818 W. Badger Road. The purchase price is not to exceed $1,240,000 and up to $160,000 is authorized for related expenses. This purchased will be funded from Economic Development's Land Banking capital program.
Title
Authorizing the City’s execution of a Purchase and Sale Agreement between the City of Madison and 818 W Badger LLC dba JEK Property Management LLC for the City’s purchase of the property located at 818 W. Badger Road in the City of Madison. (14th AD)
Body
WHEREAS, 818 W BADGER LLC, dba JEK Property Management LLC (“Seller”) is the owner of the property located at 818 W. Badger Road, which contains two parcels on 0.74 acres improved with a commercial office building and adjacent parking areas (“Property”); and
WHEREAS, the City of Madison (“City”) desires to purchase the Property for combination with adjacent parcels at 802 and 810 W. Badger Road for potential mixed use residential, commercial and community uses consistent with the recommendations of the South Madison Plan (Enactment No. RES-22-00026, File I.D. No. 68084); and
WHEREAS, the Common Council directed City Real Estate Staff to pursue the purchase of other parcels in the immediate vicinity for such uses (Enactment No. RES-21-00805, File I.D. No. 68333, RES-22-00311, File I.D. No. 70640); and
WHEREAS, acquisition of the Property shall further aid in the orderly redevelopment of a key gateway block in South Madison.
NOW, THEREFORE, BE IT RESOLVED, that the Common Council of the City of Madison hereby authorizes the execution of a Purchase and Sale Agreement (“Agreement”) between the City (“Buyer”) and 818 W Badger LLC dba JEK Property Management LLC and/or its assigns (“Seller”), for the purchase of the Property on substantially the following terms and conditions:
1. The Property. The Buyer shall purchase and the Seller shall sell and convey by Special Warranty Deed (“Deed”) their fee simple interest to ...
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