Fiscal Note
This Resolution will provide an amendment to the 2012 Adopted Brownfields Remediation Revolving Loan Fund to reauthorize $325,000 in total grant expenditures (which had been previously committed to another project that will now not be proceeding) and to reallocate $200,000 of these grant proceeds to another project, with $125,000 balance in the Fund that can be utilized for additional projects. There is no impact on the levy.
Title
Authorizing the award of a grant of BREWD funds in an amount not to exceed $200,000 to The Constellation Project LLC for the demolition, remediation, and redevelopment of property at 754 E. Washington Avenue and 741 E. Mifflin Street; rescinding RES-11-00546 (Legistar #22676) for a previously-approved $325,000 BREWD grant; and, amending the adopted 2012 Adopted Budget of the Brownfields Remediation Revolving Loan Fund by reauthorizing $325,000 in total grant expenditures, with $200,000 in expenditures reallocated to the Constellation Project LLC, with the balance of $125,000 available for future projects.
Body
WHEREAS, the City of Madison received a $1,000,000 award from the State of Wisconsin to capitalize the Brownfield Remediation/Elimination & Workforce Development (BREWD) program; and,
WHEREAS, the Common Council adopted the current BREWD program guidelines on February 23, 2010; and,
WHEREAS, The Constellation Project LLC submitted an application for BREWD funding on January 27, 2012 for the demolition, remediation, and redevelopment of property comprising approximately 1.5 acres located at 754 E. Washington Avenue and 741 E. Mifflin Street (“Property”).
NOW THEREFORE BE IT RESOLVED that the Common Council awards a grant of BREWD funds in an amount not to exceed $200,000 to The Constellation Project LLC or its permitted assigns (“Developer”) for the demolition, remediation, and redevelopment of property at 754 E. Washington Avenue and 741 E. Mifflin Street (the “Grant”); and,
BE IT FURTHER RESOLVED that the C...
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