Fiscal Note
This resolution would amend the Parks Division 2006 Capital Budget to authorize the expenditure of an additional $203,029 in TIF funds for the Brittingham Boathouse project (part of Specific Parks Improvements, 810405). Current authorization for this project is $606,331 (see Resolution #02356), which is comprised of the following funding elements: $250,000 from TID #28, $163,000 from the Hollister Trust Fund (TN70), $53,236 from Parks Development Fees (SI04); $10,000 from the UW Chancellor's Office, $10,000 from the UW Athletic Department, and $120,095 from private donations. The proposed amendment would bring total project costs to $809,360, of which $453,029 would be funded from TID #28.
Title
To amend the City of Madison Parks Division 2006 Capital Budget to authorize the expenditure of $203,029 from TIF #28 funds for additional TIF eligible costs associated with Contract No. 5872, Brittingham Boathouse Renovation and Addition Project.
Body
The City of Madison Parks Division and Camp Randall Rowing Club, Inc. (the "Club") have a mutual interest in the renovation of the building known as the Brittingham Boathouse ("Boathouse") located at 701 Brittingham Place, Madison, WI 53703. In 2001, the Camp Randall Rowing Club began negotiations with the Parks Division to restore, renovate and relocate the existing Brittingham Boathouse from its current location to space elsewhere in Brittingham Park because of unacceptable soil conditions. The Club conducted fundraising for this project, which funds were partially matched by a Parks trust account.
On February 18, 2003 the Common Council adopted Resolution ID#33269 that among other things, found that it was in the public interest to improve the Building and thereby enhance citizens' use and enjoyment of Brittingham Park. After the relocation and renovation of the Boathouse, the Camp Randall Rowing Club will enter into a long-term lease with the City for non-exclusive use of the Boathouse. The relocation of the building was completed in February 2006 and the renovation and addition are continuing on the building.
On September 20, 2005 the Common Council adopted Resolution ID#01973 that approved plans and specifications and authorized the Board of Public Works to advertise and receive bids for Contract No. 5872, authorized the Parks Superintendent to acquire the necessary permits and amended the 2005 Capital Budget for Project No. 12 Specific Park Improvements in the Parks Division Budget by transferring $250,000 from TID #28.
On November 29, 2005 the Common Council adopted Resolution ID#02356 that awarded the Public Works Contract No. 5872 and amended the 2005 Parks Division Capital Budget for project no. 12 "Specific Park Improvements" (810405) by the addition of $106,331, bringing the total project authorization to $606,331.
At the time the contract was awarded, there were deductions in the contract that totaled $203,029. It has now been determined that a total of $453,029 of this project is TIF eligible and that only $250,000 of that amount has been used, leaving a TIF eligible balance of $203,029. The original estimate of TIF funds in the amount of $250,000 was an estimate in 2004 and final TIF eligible portions of this contract came in much higher.
NOW THEREFORE BE IT RESOLVED That the Parks 2006 Capital Budget be amended to include the expenditure of $203,029 in additional TIF funds from TID #28 to complete the sewer, sea wall, asphalt and landscaping to complete the addition and renovation of the Brittingham Boathouse.
BE IT FURTHER RESOLVED that the Parks 2006 Capital Budget for the Brittingham Boathouse Project be amended to include a total of $203,029 in addition to the sum of $606,331 for Project #12 "Specific Parks Improvements" in the Parks Division 2005 Capital Budget. The 2006 funding is to be derived from TID #28 and brings the total project costs to $809,360. This budget amendment is in addition to the budget amendment adopted as part of Resolution 02356 on November 29, 2005.