Fiscal Note
The proposed resolution authorizes the execution of a grant agreement between the City of Madison and the CDA providing up to $10.0 million in grant funds from TID 48 for redevelopment of the Triangle Redevelopment project (Munis project #14696). CDA Redevelopment's 2024 and 2025 Adopted Capital Budgets included TID 48-supported non-General Fund GO borrowing for the Triangle Redevelopment project: the 2024 Adopted Capital Budget (legislative file 80726) authorized $5.0 million in non-general fund GO borrowing, and the 2025 Adopted Capital Budget (legislative file 84843) authorized an additional $5.0 million in non-general fund GO borrowing. The project plan for TID 48 as amended via legislative file 83653 includes $10.0 million in grant funding to the CDA for the Triangle Redevelopment project. No additional City appropriation required.
Title
Authorizing the Mayor and City Clerk to execute a grant agreement with the Community Development Authority of the City of Madison providing up to $10 million in grant funds from TID 48 for redevelopment of the Triangle. (District 13)
Body
WHEREAS, The Community Development Authority of the City of Madison (the “CDA”) owns and operates approximately 336 public housing units comprised of Brittingham, Gay Braxton, and Karabis Apartments, and Parkside Towers and Townhouses, collectively known as the Triangle; and
WHEREAS, the CDA plans to redevelop and replace all existing public housing units located at the Triangle in multiple on-site phases, with construction of phase one expected to begin in 2025; and
WHEREAS, as the wholly-owned nonprofit subsidiary of the CDA, the Madison Revitalization and Community Development Authority (MRCDC), and/or its assigns, will be designated as primary owner and managing member of the future buildings with the CDA and/or its assigns acting as the property manager; and
WHEREAS, the adopted project plan for City of Madison Tax Increment District 48 (Regent St) (“TID 48”) author...
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