Fiscal Note
The proposed resolution authorizes the second amendment to the Option to Purchase agreement between the City of Madison and Tri-State Custom Construction, LLC related to one lot within the Owl Creek Subdivision. The original sale of the lot included an option for the City to purchase back lots on which developers did not complete construction of single-family dwellings. The original agreement with Tri-State Custom Construction, LLC was approved via legislative file 63906. Legislative file 76480 approved the first amendment to the agreement and extended the expiration date on the Option to Purchase. The second amendment proposed here extends the expiration date to April 7, 2026, to allow the developer more time to complete construction of a new home on the lot. No additional City appropriation required.
Title
Authorizing the City’s execution of a Second Amendment to Option to Purchase, between the City of Madison and Tri-State Custom Construction, LLC, for the purpose of extending the City’s option to repurchase a certain residential lot within Owl’s Creek Subdivision. (District 16)
Body
WHEREAS, pursuant to the terms detailed in a Purchase and Sale Agreement (“Agreement”) authorized by File ID No. 63906, Resolution Enactment No. RES-21-00150, adopted by the City of Madison (“City”) Common Council on February 23, 2021 (“Resolution”), in 2021 and 2024 the City sold eight vacant residential lots within Owl’s Creek Subdivision (“Lots”) to Tri-State Custom Construction, LLC (“Seller”); and
WHEREAS, the Agreement included an Option to Purchase (“Option”), giving the City the option to repurchase any of the Lots on which the Seller did not complete construction of single-family residential dwellings within two years of the date the Seller’s purchased the Lots from the City; and
WHEREAS, as stated in the Resolution, the City’s goals in disposing of the Lots include providing “stability to the Owl Creek neighborhood, construction jobs in a time of econom...
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