City of Madison - File #: 81377

• File #: 81377
• Version: 2
• Name: 11657 Disposal 1202 S Park Street
• Type: Resolution
• Status: Passed
• File created: 1/2/2024
• In control: COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE
• On agenda: 1/23/2024
• Final action: 1/23/2024
• Enactment date: 1/23/2024
• Enactment #: RES-24-00029
• Title: SUBSTITUTE - Authorizing the negotiation and execution of a Purchase and Sale Agreement between Eminent Development Corporation and/or an affiliate LLC (“Developer”) and the City of Madison for the Developer’s acquisition of the property located at 1202 S. Park Street for youth-centered housing development (the “Project”), and authorizing execution of a loan agreement for up to $2.0 million of American Rescue Plan Act funds allocated by the Common Council for the Project. (District 13)
• Sponsors: Tag Evers, Derek Field, Dina Nina Martinez-Rutherford, Regina M. Vidaver, Nikki Conklin, Amani Latimer Burris
• Related files: 80111

Date	Ver.	Action By	Action	Result
1/23/2024	1	COMMON COUNCIL	Adopt Unanimously	Pass
1/16/2024	1	FINANCE COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
1/11/2024	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
1/9/2024	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Refer
1/9/2024	1	COMMON COUNCIL	Refer	Pass
1/2/2024	1	Economic Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes the execution of a Purchase and Sale Agreement between the City and Eminent Development Corporation for the property located at 1202 S Park St. The Adopted 2022 Capital Budget contains funds authorized for a Youth Centered Housing Development totaling $2,000,000 (Munis project #13776). This project is funded by the City’s allocation of Coronavirus State and Local Fiscal Recovery Funds (SLFRF) authorized by the American Rescue Plan Act (ARPA) of 2021.
Title
SUBSTITUTE - Authorizing the negotiation and execution of a Purchase and Sale Agreement between Eminent Development Corporation and/or an affiliate LLC (“Developer”) and the City of Madison for the Developer’s acquisition of the property located at 1202 S. Park Street for youth-centered housing development (the “Project”), and authorizing execution of a loan agreement for up to $2.0 million of American Rescue Plan Act funds allocated by the Common Council for the Project. (District 13)
Body
WHEREAS, on December 5, 2017, the Common Council adopted RES-17-00928 (File I.D. 49685) to acquire 1202 S. Park Street (the “Property”) to expand housing development opportunities, specifically for populations experiencing or at risk of homelessness; and,

WHEREAS, the City’s 2022 Adopted Capital Budget directed the Community Development Division (“CDD”) to pursue a youth-centered housing development, with units set aside for youth aging out of the foster care system and at risk of homelessness; and,

WHEREAS, pursuant to a Request for Proposals process administered by CDD during mid-2023, the Common Council adopted RES-23-00657 (File I.D. 80111) on October 17, 2023, approving the selection of JW Realty and Investments, Inc., or an affiliate LLC, subsequently identified as Eminent Development Corporation, as the selected developer (the “Developer”) to undertake a youth-centered housing development (the “Project”) on the Property, and authorizing negotiation of a Purchase an...