Fiscal Note
The estimated cost for the improvements at the Olin Park Building is $3.95M. Currently, the City anticipates $400K in direct contributions to the City’s project from a tenant in the building (in addition to longer term annual rental payments). Current budget allocations for the Olin Park Building Project and associated Park Facility Improvements projects have available expenditure authorization of $1.87M in City funding.
This budget amendment transfers $1.76M in existing expenditure authorization from various projects in the Parks Division’s Capital Budget to the Olin Park Building Project program (MUNIS Project 17443). The below transfers utilize balances from existing capital accounts, the vast majority of which is the sum of residual balances from completed projects. Transferring the funds out of these major programs and closing the projects will provide a more efficient financial administration of the Capital Budget moving forward. The amendment does not require new expenditure authorization.
Major # Amount to Transfer Major Project Name
10605 $467,218.86 Beach and Shoreline Improvements
17421 $1,065,754.57 Park Land Improvements
17436 $13,461.21 Playground and Accessibility Improvements
19032 $16,373.12 Public Drinking Fountains
17184 $200,000.00 Vilas Park Improvements
Title
Amending the 2021 Capital Budget for Parks Division for the Olin Park Building renovation project.
Body
WHEREAS, in February 2019 the City of Madison Parks Division acquired the former Wisconsin Medical Society properties at 330 and 342 E Lakeside Street; and
WHEREAS, the 330 E. Lakeside Street parcel included an existing 43,000 square foot office building; and
WHEREAS, the building was evaluated for potential adaptive reuse, and due to its quality construction, central location, and physical characteristics, it was determined that it would be an asset to the City; and
WHEREAS, the building will serve as an important park facility by providing for enhanced public restroom access in Olin Park, near the Lake, and along the bikepath, enhanced public programming opportunities, hosting public meetings, and in a later phase providing additional publicly reservable community space; and
WHEREAS, the City of Madison Parks Division intends to relocate the majority of Parks Division staff offices and community service staff from the City County Building (CCB) to the Olin Park building; and
WHEREAS, the Parks Division vacating the CCB partially address the downtown office space shortage currently under evaluation with the CCB remodeling project; and
WHEREAS, Parks is working with City of Madison Real Estate to lease a portion of the Olin Park building to a community partner who will provide additional public services from the facility; and
WHEREAS, the Olin Park building requires improvements for accessibility and other health and safety compliance modifications for Parks Division and tenant use; and
WHEREAS, initial budgetary estimates for the project were based on either demolition and land restoration or minimal required improvements; and
WHEREAS, in October 2020 the City hired an A/E consultant team to develop estimates for the necessary renovation work (file# 62030); and
WHEREAS, the A/E consultant team has thoroughly evaluated the building and prepared estimates to the Parks Division that would provide an improved, accessible, and safe building; and
WHEREAS, additional expenditure authority in the amount of $1,762,807 is necessary to complete the anticipated building and site improvements to create a safe, accessible, and welcoming public park facility in Olin Park; and
WHEREAS, the Parks Division has identified multiple projects with existing expenditure authorization that do not require the remaining expenditure authorization to complete; and
WHEREAS, the Parks Division does not anticipate expending $200,000 of the $350,000 authorized expenditure authority for the Vilas Park Improvements project in 2021 and will seek additional project funding as a part of the 2022 budget process to implement the Master Plan; and
NOW, THEREFORE, BE IT RESOLVED that the 2021 Parks Division Adopted Capital Budget is amended to transfer existing expenditure authorization from various projects listed in the fiscal note to provide expenditure authority sufficient to fund the Olin Park Building Project.