City of Madison - File #: 79643

• File #: 79643
• Version: 1
• Name: 12863 - Disposal of Surplus Property Gorham Street PSA
• Type: Resolution
• Status: Passed
• File created: 8/30/2023
• In control: BOARD OF PUBLIC WORKS
• On agenda: 9/19/2023
• Final action: 9/19/2023
• Enactment date: 9/25/2023
• Enactment #: RES-23-00579
• Title: Authorizing the negotiation and execution of a Purchase and Sale Agreement between Core Spaces, LLC (“Purchaser”) and the City of Madison for the Purchaser’s acquisition of the property located at 405 W. Gorham Street. (District 4)
• Sponsors: Michael E. Verveer, Yannette Figueroa Cole

Date	Ver.	Action By	Action	Result
9/19/2023	1	COMMON COUNCIL	Adopt Unanimously	Pass
9/11/2023	1	FINANCE COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
9/6/2023	1	BOARD OF PUBLIC WORKS	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
9/5/2023	1	BOARD OF PUBLIC WORKS	Referred
9/5/2023	1	COMMON COUNCIL	Referred
8/30/2023	1	Economic Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes the negotiation and execution of a Purchase and Sale Agreement for the property at 405 W. Gorham St between the City and Core Spaces, LLC (“Purchaser”). The total purchase price for the property shall be One Dollar ($1.00).

The City has retained an appraiser to appraise the property. The difference between the appraised value and the Purchase Price shall be considered the City’s financial contribution to the Purchaser’s proposed development.

No additional City appropriation required.

Title
Authorizing the negotiation and execution of a Purchase and Sale Agreement between Core Spaces, LLC (“Purchaser”) and the City of Madison for the Purchaser’s acquisition of the property located at 405 W. Gorham Street. (District 4)

Body
WHEREAS, the City of Madison (“Seller”) is the owner of the property located at 405 W. Gorham Street, Madison, Wisconsin (“Property”), totaling approximately 2,485 square feet; and

WHEREAS, the Purchaser desires to purchase the Property for their proposed development project, as the inclusion of the Property will allow for the Purchaser to optimize the use of adjacent lands already under contract by the Purchaser and enable Purchaser to construct affordable student housing units by adding bonus stories via an agreement that has not yet been negotiated; and

WHEREAS, The City of Madison Engineering Division has confirmed that the Property is not needed for any future transportation needs and therefore can be considered surplus to City needs; and

WHEREAS, per the City’s Surplus Property Ordinance (MGO 8.075), the following has occurred:
- All City Departments have been notified of this surplus property; and, no City Departments have expressed an interest in the Property.
- The Economic Development Division Director has completed an Economic Feasibility Analysis of the Property and determined that there are no viable or independent uses for the Property given its small size and configuration...