Madison, WI Header
File #: 83209    Version: 1 Name: Amending the Community Development Authority Redevelopment (CDA) 2024 Adopted Operating Budget to finance Triangle Redevelopment preconstruction costs up to $800,000 from fund balance (District 13)
Type: Resolution Status: Passed
File created: 5/1/2024 In control: COMMUNITY DEVELOPMENT AUTHORITY
On agenda: 5/21/2024 Final action: 5/21/2024
Enactment date: 5/24/2024 Enactment #: RES-24-00351
Title: Amending the Community Development Authority Redevelopment (CDA) 2024 Adopted Operating Budget to finance Triangle Redevelopment preconstruction costs up to $800,000 from fund balance (District 13)
Sponsors: Tag Evers, Isadore Knox Jr., Yannette Figueroa Cole

Fiscal Note

The proposed resolution amends the CDA Redevelopment Division's 2024 Adopted Operating Budget to add up to $800,000 in CDA Unassigned Fund Balance and increases Purchased Services expenditures by the same amount to finance Triangle Redevelopment preconstruction costs.

 

Title

Amending the Community Development Authority Redevelopment (CDA) 2024 Adopted Operating Budget to finance Triangle Redevelopment preconstruction costs up to $800,000 from fund balance (District 13)

Body

WHEREAS, the Triangle Redevelopment Phase 1 known as B1 will begin preconstruction and planning development within the month; and

 

WHEREAS, the CDA had originally planned to fund the expenditures from the HUD AMP - Triangle funds; and

 

WHEREAS, the expenditures from this point onward have been confirmed to be reimbursable at the time of close on the first phase; and

 

WHEREAS, HUD has many financial regulations which may negatively affect the necessary timeline of redevelopment process if the reimbursable expenditures were to be funded directly from the HUD AMP - Triangle; and

 

WHEREAS, the CDA Redevelopment has adequate reserves to finance the expenditures until reimbursement at the first close on phase one; and

 

WHEREAS, the CDA Redevelopment current budget lacks the authority to fund the above change order.

 

NOW, THEREFORE BE IT RESOLVED that the CDA Redevelopment 2024 Adopted Operating Budget is amended to add up to $800,000 from currently held reserves to finance preconstruction expenditures for the Triangle Redevelopment project.