City of Madison - File #: 47354

• File #: 47354
• Version: 2
• Name: Authorizing the Mayor and City Clerk to execute a Development Agreement with Garver Feed Mill, LLC to facilitate the redevelopment of the Garver Feed Mill, located at 109 South Fair Oaks Ave, authorizing a grant of up to $1,825,000, and au
• Type: Resolution
• Status: Passed
• File created: 5/16/2017
• In control: FINANCE COMMITTEE
• On agenda: 8/1/2017
• Final action: 8/1/2017
• Enactment date: 8/8/2017
• Enactment #: RES-17-00664
• Title: SUBSTITUTE - Authorizing the Mayor and City Clerk to execute a Development Agreement with Garver Feed Mill, LLC to facilitate the redevelopment of the Garver Feed Mill, located at 109 South Fair Oaks Ave, authorizing a grant of up to $1,825,000, and amending the 2017 Adopted Parks Capital Budget to appropriate $1,600,000 in additional general obligation borrowing for remediation, site restoration and other necessary associated costs to complete the projectauthorizing a budget amendment for remediation and site restoration associated with the redevelopment.
• Sponsors: Marsha A. Rummel

Date	Ver.	Action By	Action	Result
8/1/2017	2	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
7/31/2017	2	LANDMARKS COMMISSION	Return to Lead with the Recommendation for Approval	Pass
7/24/2017	2	PLAN COMMISSION	Return to Lead with the Recommendation for Approval	Pass
7/24/2017	2	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
7/12/2017	2	BOARD OF PARK COMMISSIONERS	Return to Lead with the Recommendation for Approval	Pass
5/16/2017	1	FINANCE COMMITTEE	Refer
5/16/2017	1	FINANCE COMMITTEE	Refer
5/16/2017	1	FINANCE COMMITTEE	Refer
5/16/2017	1	COMMON COUNCIL	Referred
5/16/2017	1	Planning Unit	Referred for Introduction

Fiscal Note
The proposed resolution amends the 2017 Parks Capital Budget by adding $1,600,000 in additional general obligation borrowing for the Garver at Olbrich Botanical Complex project (Munis project 17168). The additional funding will be used for the environmental remediation and site restoration costs to close the environmental investigation of the Garver Feed Mill, and other necessary associated costs to complete the project.

The proposed resolution also authorizes the City to make a grant of approximately $1,825,000 (less any costs already paid for building stabilization) to Garver Feed Mill, LLC to assist in financing the redevelopment of Garver at Olbrich Botanical Complex. Funding is available in the project for this grant.

Title
SUBSTITUTE - Authorizing the Mayor and City Clerk to execute a Development Agreement with Garver Feed Mill, LLC to facilitate the redevelopment of the Garver Feed Mill, located at 109 South Fair Oaks Ave, authorizing a grant of up to $1,825,000, and amending the 2017 Adopted Parks Capital Budget to appropriate $1,600,000 in additional general obligation borrowing for remediation, site restoration and other necessary associated costs to complete the projectauthorizing a budget amendment for remediation and site restoration associated with the redevelopment.
Body
PREAMBLE

From 1906 through 1997, the Garver Feed Mill (the “Building”) was a working industrial building and a significant feature on the east side of Madison. The Building was designated as eligible for listing on the National Register in 1992 and designated a local landmark in 1994. In 1997 after a two-year fundraising campaign, the Olbrich Botanical Society (the “OBS”) acquired the Building and approximately five acres of land surrounding it for $700,000. OBS then transferred ownership of the Property to the City of Madison (the “City”). The City Parks Division acquired the surrounding 17.8 acres north of the Property to Fair Oaks Avenue, commonly known as th...