Fiscal Note
The proposed resolution authorizes the execution of a sole source contract with Downtown Madison, Inc. in the amount of $150,000 for the preparation of a Downtown Economic Investment Strategy that will help inform the Downtown Area Plan. The 2024 Adopted Capital Budget for the Economic Development Division included $150,000 for strategic planning activities, market studies, and administrative and consulting costs within the TID 50 program (program #99012). These funds have not yet be utilized. No additional appropriation is required.
Title
Authorizing execution of a sole source $150,000 contract with Downtown Madison Inc. for the preparation of a Downtown Economic Investment Strategy (District 2, District 4, District 6, District 8, and District 13).
Body
WHEREAS, the 2024 Economic Development Division Capitol Budget for TID #50 included $150,000 for strategic planning activities, market studies, and administrative and consulting costs; and
WHEREAS, these funds can be used within the boundary and ½ mile from the boundary of TID #50 in Downtown Madison; and
WHEREAS, the Planning Division and Economic Development Division have been consulting with Downtown Madison Inc. regarding a collaborative Downtown planning effort resulting in the development of a Madison Greater Downtown Economic Investment Strategy by Downtown Madison Inc. and the Downtown Area Plan by the City of Madison; and
WHEREAS, the City recognizes that its work on the Downtown Area Plan will benefit from Downtown Madison Inc.’s work on the Greater Downtown Economic Investment Strategy and that coordination between these planning activities is essential to each effort; and
WHEREAS, the Greater Downtown Economic Investment Strategy will include an analysis of existing conditions, completion of stakeholder engagement, identification of strategies, recommendations, and catalytic opportunities for a thriving Downtown, and an action plan for how the private sector can partner with the public sector on implementation of the Strategy and the Downtown Area Plan; and
WHEREAS, preparation of the Greater Downtown Economic Investment Strategy will be completed by an external consultant retained by Downtown Madison Inc. and will cost more than the City’s $150,000 contribution; and
WHEREAS, many of the tasks prepared by the external consultant will be relevant to and shared with the City for the purposes of preparing the Downtown Area Plan.
NOW THEREFORE BE IT RESOLVED that the Common Council authorizes the Mayor and City Clerk to execute the attached $150,000 sole source Purchase of Services contract with Downtown Madison Inc. for the preparation of a Greater Downtown Economic Investment Strategy; and
BE IT FURTHER RESOLVED that the City’s $150,000 allocated to the project will be used for work within the boundaries of TID #50 and within ½ mile from the boundaries of TID #50; and
BE IT FINALLY RESOLVED that the Mayor and Clerk are hereby authorized to execute and record any additional documents related to this transaction in a form to be approved by the City Attorney.