Fiscal Note
This Resolution would authorize the Mayor and Clerk to execute option agreements and purchase several parcels of land with a total price of approximately $3.5 million. The 2006 Adopted Capital Budget for the Department of Planning and Development authorizes up to $2,000,000 in available TIF proceeds for land acquisition costs in TID 24 (Project# 10, "TID 24-Southeast Industrial Development"). Expenditures beyond the authorized $2,000,000 will require additional Common Council approval in the form of an amendment to the capital budget.
Title
SUBSTITUTE - Authorizing the execution of two Options to Purchase with FHB Investments, LLC to acquire lots within the World Dairy Center for the Wisconsin BioAg Gateway project. 16th Ald. Dist.
Body
Preamble
When the City created Tax Increment Finance District #24 (TID 24), one of the original objectives was to create the World Dairy Center, a business park/campus for agriculture corporate offices, research and development, high technology, showroom and support services for agri-businesses. Although TID 24 has been very successful in retaining and attracting a variety of manufacturing businesses, the focus on agriculture-related business and manufacturing has not happened. The Wisconsin BioAg Gateway project offers the opportunity to accomplish the City's original objectives for investing in this area and to leverage additional private sector investment, more tax base and more direct revenue to the City.
The Wisconsin BioAg Gateway Campus is a major economic development initiative proposed for Madison's World Dairy Center business park located in TID 24. Through the facilities that would be available at this campus, cutting edge technologies in agriculture, biotechnology, and manufacturing will be brought together to produce and commercialize products and services.
The campus as currently proposed will have 3 components and be developed in phases:
ยท A Controlled Environment Agriculture (CEA)...
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