Fiscal Note
The proposed resolution amends the Economic Development Division's (EDD) 2024 Adopted Operating Budget to appropriate $670,000 in federal grant revenue and commensurate expenditures to be used for the implementation of the “Madison, WI Asset Scan to Identify Opportunities for Transit-Oriented Development” project. No match is required for this grant. The resolution further authorizes the execution of an agreement and any other documents with the U.S. Department of Transportation in order to comply with the grant requirements.
Title
Amending the 2024 Adopted Economic Development Department’s Operating Budget to accept a $670,000 grant award from the Build America Bureau of the U.S. Department of Transportation (USDOT) and authorizing the Mayor and City Clerk to execute the associated grant agreement with USDOT.
Body
WHEREAS, the City of Madison hopes to build its organizational capacity to launch a “Putting Assets to Work” asset management strategy starting with an Asset Scan that will proactively identify Existing Assets with potential to become Enhanced Assets through public-private partnership, the investment of private capital, leveraging the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan program, and asset concession arrangements; and,
WHEREAS, the “Putting Assets to Work” asset management strategy will advance the City’s goals and objectives in the areas of safety, climate change and sustainability, equity, workforce development and job quality, and wealth creation; and,
WHEREAS, the City’s asset scan will focus on identifying Existing Assets within ½ mile of the BRT lines, as these lines will have dedicated median bus lanes and align with TIFIA requirements for fixed guideways; and,
WHEREAS, the City has identified 177 Existing Assets within ½ mile of the proposed Line A and Line B BRT routes that could potentially be Enhanced; and,
WHEREAS, the City will utilize existing City staff to create and administer the C...
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