5.A.(1) Certificate of Completion

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the City. In addition, the letter states that the group home cost in excess of $500,000 and accommodates eight patients. The letter noted that additional facilities were also completed as part of Madison's expansion plan. They included construction of a 10,000 square foot facility at a cost of $2.8 million known as the Sunshine Clubhouse and a 5,000 square foot ADHD clinic as well as rehabilitation of the Providence House. The letter stated that over the last six years Madison Center cai7-ied out a major construction program amounting to $43,000,000 which resulted in the addition of five new facilities and the launch of new and expanded programs to service clients. These totals include the facilities mentioned previously. Staff recommends that the Redevelopment Commission sign and issue the Certificate of Completion and authorize repayment of the Performance Guarantee in the amount of $48,000. The price of $480,000 Madison Center paid for the Crescent Street Properties exceeded the lower of the two appraisals completed by MAI appraisers for the Commission at the time of sale ($473,000 and $570,000). That price also exceeded the investment the Commission had made in the properties. At the time of the sale Staff estimated that the Commission had invested a total of approximately $450,000 in the properties for acquisition, demolition and pollution abatement. While not all of the facilities that were originally planned for the Crescent Properties were built there, they were constructed elsewhere by Madison Center; therefore, the organization has met the spirit and intent of the plans in the Conhact for Sale. Madison Memo.10.21.09.doc What We Do Today Makes A Difference!