Fiscal Note
The proposed resolution authorizes a Grant Agreement with StartingBlock Madison Inc.; and an Escrow Agreement with StartingBlock Madison Inc. and Gebhardt Development LLC to facilitate a $1.5 million grant to the StartingBlock project.
The Grant ($1.5M) will be funded by using the proceeds from the land sale (approximately $1.56M) of the 800 South Block of East Washington Avenue to Gebhardt Development LLC. Following the grant to StartingBlock, the balance of the escrow account will be disbursed to the City. The TIF Project Plan contemplates that the City may seek reimbursement of this amount at a future date if tax increment is available in the District.
The Escrow Agreement is required to facilitate the payment of approximately $1.56M from Gebhardt to the City, and the Grant of $1.5M from the City to StartingBlock.
Title
Authorizing the execution of a Grant Agreement with StartingBlock Madison Inc.; and, an Escrow Agreement with StartingBlock Madison Inc. and Gebhardt Development LLC to facilitate a $1.5 million grant to the StartingBlock project.
Body
WHEREAS the Common Council approved RES-16-00837 (Legistar #44762) on November 1, 2016, which contemplates a $1.5 million grant (“Grant”) to StartingBlock Madison Inc. (“StartingBlock”); and,
WHEREAS StartingBlock is an approximately 50,000 square foot entrepreneurial center; and,
WHEREAS StartingBlock will promote entrepreneurship by providing flexible space to a diverse community of emerging businesses in an environment that promotes collaboration; and,
WHEREAS StartingBlock will provide business support and assistance to its members; and,
WHEREAS one goal of StartingBlock is to help launch new businesses that will provide employment throughout the community; and,
WHEREAS another goal of StartingBlock is to help promote a culture of entrepreneurship in Madison; and,
WHEREAS the Grant will be funded by using the proceeds from the sale (approximately $1,560,000) of the 800 South Block of E...
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