Fiscal Note
Please see attached fiscal note.
Title
SUBSTITUTE: Authorizing the City to amend the Engineering Department's 2005 Adopted Capital Expenditure Budget for infrastructure improvements on Pierstorff, Pearson and Wright Streets related to the expansion of Covance Laboratories, Inc. and authorizing additional City expenditures not to exceed $2,464,750. Said improvements include storm sewer, sanitary sewer, water main, street reconstruction and new street and sidewalk construction. (17th AD)
Body
Preamble: Covance Laboratories, Inc. has agreed to build a 240,000 SF addition and a 630 stall private parking ramp at their 5301 Kinsman Blvd. campus. This project will create 181 new FTE jobs above and beyond their current 1,200 existing employees. In turn for this investment in Madison, the State of Wisconsin, Department of Commerce and Governor's office have agreed to provide $2 million in tax credit incentives. The City of Madison has also agreed to install new public infrastructure surrounding the Covance campus, estimated to cost $2,464,750. After receiving these commitments from the City and State, Covance officially chose to locate this expansion in Madison over several other communities and vacant pharmaceutical sites across the Country.
The City Council adopted TID #34 on April 19, 2005 to finance non-assessable portions of the infrastructure improvement project. The City's Office of Business Resources (OBR) is authoring a grant application to Wisconsin Department of Transportation to help reduce infrastructure improvement costs for all parties involved even further. If the DOT TEA (Transportation Economic Assistance) grant application is successful, the city could receive anywhere from $500,000 to $900,000 in grant monies. The maximum grant we are allowed to apply for based upon programmatic requirements is $900,376.
Project infrastructure Improvements includes new and improved road networks, upgraded sanitary sewer collection...
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