Fiscal Note
The proposed resolution authorizes the issuance of a Request for Proposals (RFP) for Block 113. Proposals received by the deadline will be reviewed by the DPCED Director and a recommendation on which, if any, response should be selected will be prepared through a separate resolution. No City appropriation required.
Title
Approving the issuance of a Request for Proposals (RFP) for the redevelopment of Block 113, located at 1 South Butler Street (the “Property”) and establishing a process for the review of responses to the RFP and selection of a development team for the Property. (District 6)
Body
WHEREAS, the City of Madison utilized Block 113, located at 1 South Butler Street (the “Property”), as part of the required matching funds for the receipt of Federal Transportation Administration (the “FTA”) funds to design and build the first phase of the City’s Bus Rapid Transit (the “BRT”) system, and;
WHEREAS the FTA requires that the Property be redeveloped with the following criteria:
1. That the City maintain “satisfactory continuing control”;
2. That any new development on the site incorporate private investment;
3. That any new development benefit transit by increasing transit demand in the area;
4. That any project have no more than two hundred seventy (270) off street parking stalls;
5. That any project return a “fair share of revenue” to Madison Metro Transit, the owner of the Property (which is defined as $9,000,000, which may be returned to the City through equal payments over fifteen (15) years who’s net present value is equal to $9,000,000 or through a lease or other arrangement)
WHEREAS, the Property represents an important opportunity to add additional housing units, including affordable housing units, generate additional tax revenue for the City and other taxing jurisdictions; and
WHEREAS, a staff team with representatives from multiple City agencies has been meeting to develop the attached RFP and has invited public comment, including...
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