Fiscal Note
The estimated $100,000 for necessary land acquisitions approved in this resolution are associated with the proposed redevelopment of Union Corners and were not anticipated when the 2006 Capital Budget was developed. Consequently, a budget amendment is required to authorize these additional expenditures.
Costs related to this proposed project would be eligible TIF expenditures and could be reimbursed from future TIF increment if the Union Corners TIF district is approved by the Common Council and the Joint TIF Review Board, and certified by the State Department of Revenue. If such approvals are not received, the City and assessed property owners would be directly responsible for all costs associated with this project.
Financing for the City share of project costs would be from internal borrowing from City funds until sufficient TIF increment is generated as a result of future private development within the district.
The $100,000 is estimated for acquisition costs and staff time, which will be appropriated in: CS53-58110-810556-00-53W0387-53TIF037
Title
Determining a Public Purpose and Necessity and adopting a Relocation Order for the acquisition of Plat of land interests required for the relocation and construction associated with the Union Corners Development - involving the relocation of Winnebago Street Phase 2 from S. Sixth Street to LaFollette Avenue-Engineering Project No. 53W0387 and amending the 2006 Capital Budget to authorize the expenditure of an additional $100,000 for the estimated acquisition costs associated with this project. (6th AD)
Body
WHEREAS, the City of Madison Common Council on April 18, 2006 adopted RES-06-00359 Authorizing the Mayor and City Clerk to enter into a Development Agreement for Union Corners Building Demolition with Union Corners, LLC, Private Contract No. 2090 for construction of public improvements directly related to their proposed Development; and
WHEREAS, the City of Madison Common Council on June 6, 2006 adopted RES-06-00523 approving a phase of Certified Survey Maps required for the proposed Union Corners Development; and
WHEREAS, the City of Madison Common Council on June 20, 2006 adopted RES-06-00531 Approving Plans, Specifications, And Schedule Of Assessments For Union Corners Reconstruction Assessment District - 2006 (Union Corners, Winnebago Street); and
WHEREAS, the City of Madison Common Council on July 18, 2006 adopted RES-06-00607, which Created Tax Incremental Finance (TIF) District #37 (Union Corners) City of Madison and approved a Project Plan and Boundary for said TIF District; and
WHEREAS, the City of Madison Common Council on August 1, 2006 is scheduled to approve the creation of the Union Corners Reconstruction Assessment District - 2006 and amend the 2006 Capital Budget to authorize additional funds to award Public Works Contract No. 5953; and
WHEREAS, City Engineering has created Engineering Project No. 53W0387 - Union Corners - Winnebago Street Phase 2, and will proceed with a resolution Approving Plans, Specifications, And Schedule Of Assessments For Union Corners - Winnebago Street Phase 2; and
WHEREAS, it is necessary to acquire the Badger Radiator Service property at 2305 Winnebago Street to facilitate the proposed public improvements planned with Engineering Project No. 53W0387 - Union Corners - Winnebago Street Phase 2; and
WHEREAS, other necessary land interests to facilitate the proposed public improvements planned with Engineering Project No. 53W0387 - Union Corners - Winnebago Street Phase 2 will be granted and conveyed to the City of Madison by the approved Certified Survey Maps by Union Corners, LLC; and
WHEREAS, the City of Madison Real Estate Department has created Project No. 8545 - as a master file to administer all necessary land interest acquisitions; and
BE IT RESOLVED, the City of Madison, Dane County, Wisconsin, by its City Council and for its Relocation Order hereby resolves as follows:
1. That this Resolution is a Relocation Order in accordance with Section 32.05(1) and 62.22, Wisconsin Statutes for the purpose of the within described public acquisition project and that this acquisition is determined to be necessity in accordance with Section 32.07(2), Wisconsin Statutes, and the acquisition shall allow for the construction of public improvements related to Engineering Project No. 53W0387 - Union Corners - Winnebago Street Phase 2;
2. That the City of Madison Real Estate Section of the Community and Economic Development Unit and the City Attorney are hereby authorized to proceed by negotiation or condemnation under authority of Section 32 and 62.22 of the Wisconsin Statutes to acquire the real estate interests shown on said Relocation Order, and the Real Estate Section is further authorized to obtain title reports, appraisals, survey information, environmental site assessment reports, and any other essential material or reports as may be necessary to perform due diligence in accomplishing the acquisition;
3. That the City of Madison Real Estate Section of the Community and Economic Development Unit is hereby authorized to execute the jurisdictional offer, lis pendens, and award of the compensation if condemnation proceedings under Section 32 of the Wisconsin Statutes are necessary;
4. That the Mayor and City Clerk are authorized to sign all necessary documents necessary to accomplish the acquisition;
BE IT FURTHER RESOLVED that the 2006 Capital Budget is amended to authorize the following additional expenditures totaling $100,000 in Capital Project No. 810556/53W0387:
BE IT FURTHER RESOLVED that the Comptroller is authorized to internally borrow to finance the TIF eligible portion of these costs until sufficient increment is available to cover project costs.