Fiscal Note
The proposed resolution authorizes the City of Madison to apply to the Wisconsin Department of Natural Resources (WDNR) for a Ready for Reuse Brownfields Cleanup zero-interest loan for the purpose of assisting in the remediation of contaminated soil around the View, Victoria, and Conway at the Huxley Yards property. A separate resolution will be required to authorize acceptance of the loan, amend the Economic Development Division's adopted budget to reflect the loan, and to approve the terms and conditions of a loan agreement between the City and the WDNR; as well as to approve the terms and conditions of a loan agreement between the City and Lincoln Avenue Capital Management, LLC.
Title
Authorizing the City of Madison to apply to the Wisconsin Department of Natural Resources for a Ready for Reuse Brownfields Cleanup zero-interest loan in an amount not to exceed $1,027,300 for the purpose of assisting in the remediation of contaminated soil at Huxley Yards (2007 Roth Street). (District 12)
Body
WHEREAS, Lincoln Ave Capital Management, LLC acting through its affiliates Roth Street 1, limited partnership and Roth Street II, limited partnership, and Conway at Huxley, LLC (collectively, the “Developer”) have commenced construction on a redevelopment of Huxley Yards (formerly known as the Hartmeyer site) located at 2007 Roth Street (the “Redevelopment”); and,
WHEREAS, the Developer has entered into a Contract for the Construction of Public Improvements (the “Developers Agreement”) for infrastructure improvements required for the Redevelopment as approved by RES-00697 adopted on November 7, 2023; and
WHEREAS, stormwater management under the Developers Agreement require substantial soil removal and management which, due to contamination, carries a cost of approximately $1,317,000 (the “Remediation Cost”); and,
WHEREAS, the State of Wisconsin Department of Natural Resources (WDNR) administers the Ready for Reuse loan program under which it offers zero i...
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