Fiscal Note
The expenditure of $132,000 for Madison Sustainability Commerce Center initiatives is authorized in the 2013 adopted PCED capital budget, Project No. 13, "Madison Sustainability Commerce Center," Acc't No. 810728. No additional appropriation is required.
Title
SUBSTITUTE Authorizing the expenditure of the remaining $132,000 of HUD/CARPC funds for Madison Sustainability Commerce Center (MSCC) related initiatives within the Capitol East District.
Body
WHEREAS, the Madison Sustainability Commerce Center (MSCC) concept is a 75,000 s.f. commercial office building to be housed within Madison’s Capitol East District (“District”); and,
WHEREAS, the MSCC will house established firms and new entrepreneurs in green and sustainability-oriented industry sectors; and,
WHEREAS, the MSCC will be housed in an energy efficient building incorporating the latest in green building technology; and,
WHEREAS, the MSCC will provide common/shared space for collaboration between tenants and outreach to the broader Madison community; and,
WHEREAS, under the direction of the Capitol Area Regional Planning Commission, the City received a $300,000 grant from the U.S. Department of Housing and Urban Development to be used for business/project planning, design, and predevelopment activities (“Grant”); and,
WHEREAS, the City utilized approximately $168,000 of these funds to complete a Feasibility Study for the MSCC, led by a private consultant team under the direction of Dorschner Associates; and,
WHEREAS, the Feasibility Study defined the needs of prospective tenants, building technologies that should be employed, and the financial feasibility of the project; and,
WHEREAS, although interest exists for the project, there also exists a financial gap the Feasibility Study recommends engaging a development team to further tenant cultivation, site exploration, building design, financial analysis, and other pre-development activities; and,
WHEREAS, at present the City is negoti...
Click here for full text