Mayor Dave Cieslewicz announced the City of Madison has signed a letter of intent to purchase properties on East Washington Avenue for $4.73 million Monday.
Within the properties located on the 800 block of East Washington Avenue includes automobile dealership Don Miller, which is relocating on the street to the far East Side, according to the Wisconsin State Journal.
The city will use the land-banking funds, pending passage of the 2011 city budget, according to a statement.
""This purchase can be the spark that ignites these economic development efforts,"" Cieslewicz said in a statement. ""Today is a major step forward in realizing the tremendous potential in the Capitol East District to encourage development, grow our tax base and create jobs.""
Joining Cieslewicz to announce this proposal was Ald. Marsha Rummel, District 6 and Ald. Bridget Maniaci, District 2.
""With this purchase the city can help direct the revitalization of this important gateway,"" Rummel said.
According to the statement, the city will obtain the 7.76 acre property for $4.73 million, break into smaller parcels and then position the property for development.
""This purchase is the first step that will lead to exciting reinvestment and growth in our East Isthmus neighborhoods, and it puts Madison in a competitive position to bring needed jobs and new industries to our city,"" Maniaci said.
Additionally, the U.S. Department of Housing and Urban Development has approved a $300,000 grant for the Madison Sustainability Commerce Center, to be located the redevelopment area, according to a statement.
The Common Council must first approve the budget and the purchase of the Miller properties, for the city to acquire the land.
