Fiscal Note
The proposed resolution approves approve the selection of the team headed by Vera Court Neighborhood Center, Inc., as submitted, to develop the new Bridge Lake Point Waunona Neighborhood Center and become its future owner and operator. Pursuant to the terms of the Collaboration Agreement, the City of Madison will enter into a Development Loan Agreement in the amount of $2 million with Vera Court Neighborhood Center, Inc., or its assigns. The 2019 Adopted Capital Budget authorizes the Community Development Division to contribute up to $2 million toward the construction of a resident-inspired community facility serving the Bridge Lake Point Waunona Way Neighborhoods. No additional City appropriation is required.
Title
Approving the selection of the team led by Vera Court Neighborhood Center, Inc. to develop, own and operate a replacement neighborhood center to serve the Bridge Lake Point Waunona neighborhoods, and authorizing the City to enter into a Collaboration Agreement with Vera Court Neighborhood Center, Inc. and directing staff to move forward with creating a Purchase of Service Contract, Development Loan Agreement and Ground Lease for the purpose of building and operating a replacement center.
Body
The 2019 Adopted Capital Budget authorizes the Community Development Division to contribute up to $2 million toward the construction of a resident-inspired community facility serving the Bridge Lake Point Waunona Way Neighborhoods. These funds include up to $1.4 million from the City’s Community Development Block Grant program and up to $600,000 of applied General Fund reserves derived from the City’s share of the cash balance in TID 27 upon its closure in 2018. The goal of the project is to establish a centrally located facility providing space to better accommodate public gatherings and broader programming and other activities that meet the needs of neighborhood residents. Progress will be measured by greater capacity for uses desired by neighbor...
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