Fiscal Note
The amount of reimbursement the City might receive for eligible costs is currently unknown. Any proceeds received by the City will be disbursed to other parties as appropriate for their respective shares, and reimbursement for direct City costs will be credited to TID #39, from which project proceeds were initially expended.
Title
Authorizing the execution of an offer for termination and de-obligation of grant agreement for convenience with the Economic Development Administration for the BioLink project; and, authorizing the City to seek and accept reimbursement for eligible and allowable costs for architectural/engineering design and project management work.
Body
WHEREAS, on May 11, 2010, the Economic Development Administration (“EDA”) awarded Financial Assistance Award #06-79-05491 to the City of Madison (“City”) and Madison Development Corporation (“MDC”) in the amount of $4,534,472 to develop the Midwest BioLink Commercialization and Business Center (“BioLink”); and,
WHEREAS, MDC subsequently began architectural/engineering design work for BioLink; and,
WHEREAS, MDC and the City identified that the cost to construct BioLink would significantly exceed the estimate in the City’s and MDC’s application to the EDA; creating a financial gap; and,
WHEREAS, MDC and the City have been unable to identify sources of funds to close this financial gap; and,
WHEREAS, MDC and the City have also been unable to secure an interest on the part of businesses to locate within BioLink; and,
WHEREAS, MDC and the City have agreed that it is in the best interest of both parties to terminate the grant for convenience and de-obligate undisbursed grant funds and disburse grant funds for architectural/engineering design and project management; and,
WHEREAS, the EDA will determine the eligible and allowable costs for architectural/engineering design and project management at a later date; and,
WHEREAS, the EDA may reimburse the City for these eligible and allowable ...
Click here for full text