Fiscal Note
The proposed resolution amends the Economic Development Division's (EDD) 2024 Adopted Operating Budget to appropriate $670,000 in federal grant revenue and commensurate expenditures to be used for the implementation of the “Madison, WI Asset Scan to Identify Opportunities for Transit-Oriented Development” project. No match is required for this grant. The resolution further authorizes the execution of an agreement and any other documents with the U.S. Department of Transportation in order to comply with the grant requirements.
Title
Amending the 2024 Adopted Economic Development Department’s Operating Budget to accept a $670,000 grant award from the Build America Bureau of the U.S. Department of Transportation (USDOT) and authorizing the Mayor and City Clerk to execute the associated grant agreement with USDOT.
Body
WHEREAS, the City of Madison hopes to build its organizational capacity to launch a “Putting Assets to Work” asset management strategy starting with an Asset Scan that will proactively identify Existing Assets with potential to become Enhanced Assets through public-private partnership, the investment of private capital, leveraging the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan program, and asset concession arrangements; and,
WHEREAS, the “Putting Assets to Work” asset management strategy will advance the City’s goals and objectives in the areas of safety, climate change and sustainability, equity, workforce development and job quality, and wealth creation; and,
WHEREAS, the City’s asset scan will focus on identifying Existing Assets within ½ mile of the BRT lines, as these lines will have dedicated median bus lanes and align with TIFIA requirements for fixed guideways; and,
WHEREAS, the City has identified 177 Existing Assets within ½ mile of the proposed Line A and Line B BRT routes that could potentially be Enhanced; and,
WHEREAS, the City will utilize existing City staff to create and administer the City’s asset management initiative, lead the procurement of third-party technical service advisors and coordinate their activities with City officials and departments, lead efforts to build public-private partnerships, and leverage public and private funding in connection with the development of Existing Assets; and,
WHEREAS, the City of Madison successfully applied for funding through the Build America Bureau of the U.S. Department of Transportation (USDOT), Innovative Finance and Asset Concession Grant Program (IFACGP), Technical Assistance Cooperative Agreement grant funding; and,
WHEREAS, there is no match requirement for IFACGP, Technical Assistance Cooperative Agreement grant funding for awards less than $1 million; and,
WHEREAS, these funds will be used for one-time costs to hire a third-party technical service team, who will perform an Asset Scan, perform an Asset Evaluation using the interactive data tool developed by the Asset Scan, engage the public and analyze pubic feedback, and review the Existing Asset portfolio to evaluate potential project options and explore potential development parameters; and,
WHEREAS, the asset scan will help to establish an asset management initiative that taps unused or underutilized City-owned real estate and responsibly steward these existing taxpayer assets to create greater value for our community; and,
WHEREAS, implementation of the asset management initiative will be completed by existing staff and will not result in ongoing operating costs or staff needs.
NOW, THEREFORE, BE IT RESOLVED, that the Common Council hereby authorizes the Mayor and City Clerk to execute an agreement with USDOT and any other documents necessary to comply with the grant requirements to formally accept the $670,000 award described above.
BE IT FURTHER RESOLVED, that the Economic Development Department’s 2024 Adopted Operating Budget is amended to appropriate $670,000 for implementation of the “Madison, WI Asset Scan to Identify Opportunities for Transit-Oriented Development” project.