Fiscal Note
The proposed resolution approves the overall site and phasing plans, as well as an initial analysis of the amount and type of affordable housing opportunities to be constructed on the site. It further authorizes CDA to enter into additional contracts with the lead development partner (Alexander Company) and other architecture, engineering and construction firms to design, finance, bid, and construct the components detailed in the Master Plan, subject to additional approvals by the Common Council and CDA Board of Commissioners.
The cost of housing component of each redevelopment phase is highly dependent on the number of units, level of affordability, and subsidy program selected. The Master Plan suggests that Phase 1 of redevelopment may include approximately 250 housing units in two buildings (connected by shared underground parking) and financed by 4% Section 42 tax credits. This number of units is supported by the adopted South Madison Plan and preliminary financial analysis based on the site being located in a Qualified Census Tract. Phase 1 also includes new Fire Department and Public Health Madison & Dane County (PHMDC) facilities.
The proposed TID 51 Project Plan includes $15.0 million in funding for CDA activities including redevelopment of the South Transfer Point, development at Village on Park, and land banking. The 2024 Adopted Capital Budget for CDA Redevelopment’s South Madison Redevelopment project (Munis project 14431) included $2.0 million of TID increment donated to TID 51 for predevelopment work. The 2025 Adopted Capital Budget includes $4.0 million of TID increment donated to TID 51 in 2025 for additional predevelopment work and the estimated Phase 1 gap and $3.0 million of TID increment donated to TID 51 in 2026 for the estimated Phase 2 gap. To date, the CDA's South Madison Redevelopment capital project has $9.0 million of funding authorized by the Common Council.
The Fire Department's 2025 Adopted Capital Budget includes $3.4...
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