Fiscal Note
Funding is included in the 2008 PCED Adopted Capital Budget, Project #29, "Villager Redevelopment," Account No. 810578.
Title
SUBSTITUTE Authorizing a grant to the Community Development Authority and the Mayor and City Clerk to execute execution of an amended contract with Forward Community Investments, Inc., to provide additional project management services as part of the redevelopment of The Villager, and to increase the term and compensation.
Body
WHEREAS, the Common Council adopted The Villager Site Development and Master Plan as a supplement to the adopted South Madison Neighborhood Plan on February 2, 2006 (Resolution # RES-06-00111, Legislative ID #02353); and
WHEREAS, to support the opportunities for redevelopment at The Villager, the CDA established The Villager Staff Team (comprised of the Executive Director of the CDA, CDA Board members, CDA staff, Mayor's Office, and The Villager Management & Leasing Team) to oversee activities at The Villager; and
WHEREAS, The Villager Staff Team believes that continuing the services provided by Forward Community Investment, LLC will provide the support the CDA needs to meet the redevelopment requirements of the site, especially in the critical first phase of the project in 2008; and
WHEREAS, the task of managing the redevelopment process of The Villager site has required more time than originally budgeted due to the complexity of the site Master Plan and implementation of development activities; and
WHEREAS, Forward Community Investments will be responsible for ensuring key development projects on site are underway in 2008; and
WHEREAS, the duties and responsibilities of Forward Community Investments include, but not be limited to, the following:
· Conducts financial feasibility analysis of The Villager.
· Develops and assists in implementing overarching development strategy for the project.
· Drafts RFPs for professional services and real estate development services; oversees selection and ...
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