Fiscal Note
The proposed resolution authorizes $500,000 in Building Improvement Grants (BIG) to tenants of the Madison Public Market for improvements to their spaces. Funding is available from the Dane County contribution to the Madison Public Market (project #10069) due to construction costs coming in lower than estimated. Grants to individual tenants will be capped at $50,000 to ensure that at least ten tenants will have access to the funds. No additional City appropriation is required.
Title
Authorizing the City of Madison’s Economic Development Division to award up to $500,000 of Building Improvement Grants to Madison Public Market merchants, using funding available within the existing Madison Public Market budget. (District 12)
Body
WHEREAS, the Madison Public Market, located at 202 N. First Street (53704), is nearing conclusion of the City portion of the construction project; and
WHEREAS, the City’s portion of the construction project will generally leave merchant spaces as empty “white boxes” with unfinished walls and no fixtures or cabinetry, requiring the Madison Public Market Foundation and individual merchants to finish construction; and
WHEREAS, the original Madison Public Market budget established tenant improvement allowance funding of $971,000 for the Madison Public Market Foundation to assist merchants with construction work necessary to convert “white box” spaces into completed merchant spaces, especially for merchants who were under-capitalized, in alignment with the goals of the Madison Public Market Foundation; and
WHEREAS, a $971,000 tenant improvement allowance to complete this work is consistent with industry norms for a facility of this size; and
WHEREAS, the original tenant improvement allowance budget was reduced to $500,000 to accommodate higher than expected construction estimates at the time the Common Council approved the City’s portion of the construction project, reducing the capacity of the Madison Public Market Foundation ...
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