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.
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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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