Madison, WI Header
File #: 76475    Version: Name: 12502 - Truman Olson Grocery Condominium PSA
Type: Resolution Status: Passed
File created: 2/28/2023 In control: Economic Development Division
On agenda: 3/21/2023 Final action: 3/21/2023
Enactment date: 3/24/2023 Enactment #: RES-23-00223
Title: SUBSTITUTE - Authorizing the execution of a Purchase and Sale Agreement for the purchase of Unit 2 of the Fourteen02 Park Condominium as part of the Truman Olson project, the execution of a lease with Maurer’s Urban Market as grocery operator, the execution of documents related to the construction of grocery and tenant improvements, and the execution of condominium documents for the project.
Sponsors: Tag Evers, Sheri Carter, Satya V. Rhodes-Conway
Attachments: 1. File ID 63900, 2. File ID 66789, 3. Condo Purchase Agreement.pdf, 4. v1 File ID 76475.pdf
Related files: 82890
Fiscal Note
Funds for the $3,500,000 of tenant and grocery improvements were allocated in the 2023 Economic Development Division Capital Budget. The $4,600,000 in funding required to purchase the Unit 2 Grocery Condominium was allocated in an amendment to the 2021 Capital Budget (Legistar #66789, RES-21-00614). No additional appropriation required.
Title
SUBSTITUTE - Authorizing the execution of a Purchase and Sale Agreement for the purchase of Unit 2 of the Fourteen02 Park Condominium as part of the Truman Olson project, the execution of a lease with Maurer’s Urban Market as grocery operator, the execution of documents related to the construction of grocery and tenant improvements, and the execution of condominium documents for the project.
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WHEREAS, the City of Madison is committed to ensuring healthy food access to all residents; and

WHEREAS, South Madison is facing the loss of the only full service grocery store that currently serves this neighborhood; and

WHEREAS, the City seeks to ensure that South Madison has continued access to a full service grocery store so as to avoid the creation of a food desert; and

WHEREAS, the City previously acquired the former Truman Olson Army Reserve property located at 815 Cedar St (the “Property”); and

WHEREAS, the City of Madison Common Council approved a development agreement (the “Development Agreement”) between the City of Madison and Rule Enterprises, LLC and Movin’ Out, Inc. (collectively, the “Developer”) on February 23, 2021 (RES-21-00148, Legistar 63900) to redevelop the Property to include a full service grocery store, which is Unit 2 of the Fourteen02 Park Condominium (the “Grocery Condominium Unit”); and

WHEREAS the Development Agreement was amended by the Common Council on August 3, 2021 (RES-21-00614, Legistar 66789) to authorize the City to purchase the Grocery Condominium Unit and provide up to $4,700,000 for the purchase of the Grocery Condominium Unit; and

WHEREAS, the City has negotiated ...

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