Fiscal Note
See the attached Report of the Comptroller.
Title
SUBSTITUTE - Authorizing the Mayor and City Clerk to sign an Agreement with All Saints Cottages and Condos, Inc.
Body
WHEREAS, on June 15, 2004, the Common Council adopted Ordinance No. 13642 rezoning property at 501 Commerce Drive from PUD (GDP) to PUD (SIP) to allow construction of one hundred eight (108) units of senior housing; and WHEREAS, the above rezoning was conditioned on signing an Agreement with the City relating to a payment for municipal services;
NOW, THERFORE, BE IT RESOLVED that the Common Council of the City of Madison hereby authorizes the Mayor and City Clerk to sign an Agreement with All Saints Cottages and Condos, Inc. (ASCC), the owner of the property at 501 Commerce Drive, on the following terms and conditions:
1. In recognition of the value of municipal services provided to ASCC and in further recognition of the economic impact the provision of such services has on the City, ASCC shall make an annual payment for municipal services (PMS) to the City.
2. The annual PMS shall be calculated as a per unit fee, as shown in the fiscal note. It shall be based on budget figures for some or all of the expenditures for the following: public safety and health, streets, parks, transit, traffic engineering, library, and debt service from the above agencies. The PMS is intended to reflect those expenditures relating to municipal services directly or indirectly made available for use by ASCC. The fee shall be adjusted annually based on an increase or decrease in the City tax levy. In addition, at least every five years the share of costs attributed to each service shall be reviewed to determine whether there has been a change in type or level of service.
3. The PMS also shall be reviewed if the vacancy occupancy rate falls below ninety-five percent (95%).
4. The Agreement for PMS shall terminate if:
(a) ASCC is determined not to be exempt from paying general property tax to...
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