Fiscal Note
The proposed resolution authorizes the submission of an application for a $150,000 grant from the Wisconsin Economic Development Corporation (WEDC) to fund a portion of the City's cost of site assessment and demolition at 1810 S Park St, 1901 S Park St, 814 North Ave, and 826 North Ave. If awarded, the Economic Development Division’s 2025 Capital Budget will be amended in the amount of the grant award within the Land Banking program (program #12640).
Title
Authorizing the City’s Economic Development Division (EDD) to submit for a $150,000 grant from the Wisconsin Economic Development Corporation (WEDC) Site Assessment Grant program and if awarded, accepting the funds granted, amending EDD’s 2025 Capital Budget within the Land Banking program and authorizing the Mayor and city Clerk to enter into a contract with WEDC to accept Site Assessment Grant award for the use of the funds. (District 14)
Body
WHEREAS, the City of Madison, the owner (the “Owner”) of land banked properties located at 1810 S Park Street, 1901 S Park Street, 814 North Avenue and 826 North Avenue (the “Property) is working on plans for the reuse of the Property; and
WHEREAS, one of the initial barriers to reusing the property is the need to fund site assessment and demolition costs on the site; and,
WHEREAS, the Wisconsin Economic Development Corporation’s (WEDC) Site Assessment Grant program provides funding to Wisconsin municipalities to fund the costs needed to facilitate reinvestment in former commercial or industrial property in need of environmental evaluation; and
WHEREAS, WEDC may award a Site Assessment Grant in the amount of $150,000 to fund a portion of the Owner’s costs of site assessment and demolition on the Property;
NOW THEREFORE BE IT RESOLVED that the City of Madison is authorized to submit and, if awarded, accept a grant for $150,000 from WEDC’s Site Assessment Grant Program (‘Grant”) to fund a portion of the Owner’s cost of site assessment and demolition on the Property and take the following actions related to the Grant:
Enter into a contract to accept and carry out the duties required pursuant to the Grant (the “Grant Contract”).
BE IT FURTHER RESOLVED that, if awarded, EDD's 2025 Capital Budget is amended to reflect the grant revenues and corresponding expenditures of up to $150,000 within the Land Banking program (program #12640); and,
BE IT FINALLY RESOLVED that the Mayor and Clerk are hereby authorized to execute and record the above documents and any other documents related to this transaction in a form to be approved by the City Attorney.