Fiscal Note
No additional City appropriation is required with the approval of the proposed resolution. City costs associated with urban development in this area will be included in future operating and capital budgets subject to Common Council approval.
Title
SECOND SUBSTITUTE Authorizing an Agreement to Support Low Cost Student Housing between the City and Core Campus Manager, LLC
Body
WHEREAS, as a university city, the City of Madison has a need for low-cost affordable student housing; and
WHEREAS, the City regularly provides financial support to developments containing affordable housing for families; and
WHEREAS, the City does not have a program to provide the same financial support for student housing; and
WHEREAS, the Developer intends to provide affordable low-cost student housing in a building to be constructed (the “Building”) upon property located at 341 State Street, 317-321 West Gorham Street, and 322 West Johnson Street (the “Property”); and
WHEREAS, the Developer is seeking rezoning of the Property from Downtown Core (DC District) and Urban Mixed Use (UMX District) to a Planned Development - General Development Plan - Specific Implementation Plan (PD-GDP-SIP District), as defined in Madison General Ordinances (MGO) 28.098, which would include construction of additional stories, more than would be allowable in the zoning district where the Property is located; and
WHEREAS, the additional height allows for two floors of rentable student housing, which provides a financial benefit that can be used by Developer to subsidize the affordable low-cost student housing in the Building; and
WHEREAS, in order to memorialize this understanding, the City and Developer have agreed to enter into a contract based on the terms stated herein.
NOW THEREFORE BE IT RESOLVED, that the Common Council hereby authorizes the execution of a contract for affordable low-cost student housing with Core Campus Manager, LLC on materially, though not exclusively, the follo...
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