Fiscal Note
The proposed resolution authorizes the execution of a sole source contract with Downtown Madison, Inc. in the amount of $150,000 for the preparation of a Downtown Economic Investment Strategy that will help inform the Downtown Area Plan. The 2024 Adopted Capital Budget for the Economic Development Division included $150,000 for strategic planning activities, market studies, and administrative and consulting costs within the TID 50 program (program #99012). These funds have not yet be utilized. No additional appropriation is required.
Title
Authorizing execution of a sole source $150,000 contract with Downtown Madison Inc. for the preparation of a Downtown Economic Investment Strategy (District 2, District 4, District 6, District 8, and District 13).
Body
WHEREAS, the 2024 Economic Development Division Capitol Budget for TID #50 included $150,000 for strategic planning activities, market studies, and administrative and consulting costs; and
WHEREAS, these funds can be used within the boundary and ½ mile from the boundary of TID #50 in Downtown Madison; and
WHEREAS, the Planning Division and Economic Development Division have been consulting with Downtown Madison Inc. regarding a collaborative Downtown planning effort resulting in the development of a Madison Greater Downtown Economic Investment Strategy by Downtown Madison Inc. and the Downtown Area Plan by the City of Madison; and
WHEREAS, the City recognizes that its work on the Downtown Area Plan will benefit from Downtown Madison Inc.’s work on the Greater Downtown Economic Investment Strategy and that coordination between these planning activities is essential to each effort; and
WHEREAS, the Greater Downtown Economic Investment Strategy will include an analysis of existing conditions, completion of stakeholder engagement, identification of strategies, recommendations, and catalytic opportunities for a thriving Downtown, and an action plan for how the private sector can partner with the pub...
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