Fiscal Note
The proposed resolution authorizes a Memorandum of Understanding (MOU) between the City and the University of Wisconsin Board of Regents (UW) regarding the referral of eligible students to rent reduced-cost units as contemplated by Madison General Ordinance Section 28.071 (Ordinance). The MOU establishes UW’s commitment with respect to City-approved developments and property owner obligations. There is no fiscal impact to the City.
Title
Authorizing the execution of a Memorandum of Understanding between the City and the University of Wisconsin Board of Regents regarding the referral of eligible students to rent below market rate units as contemplated by Madison General Ordinance Section 28.071.
Body
WHEREAS, as a university city, the City of Madison has a need for affordable student housing.
WHEREAS, Subparagraph 28.071(2)(a)2.c. of the Madison General Ordinances (the “Ordinance”) allows for buildings within the Downtown Height Map to exceed the maximum number of stories if a property owner has agreed to allocate beds or units for reduced rent to eligible students enrolled in postsecondary educational institutions.
WHEREAS, any property owners utilizing the additional stories allowed by the Ordinance must execute a land use restriction agreement for the benefit of the City documenting the owner’s obligation to allocate beds/units for reduced rent, and property owners must agree to abide by the terms of a memorandum of understanding between the City and one or more postsecondary educational institution(s).
WHEREAS, the City and the University of Wisconsin Board of Regents, on behalf of the University of Wisconsin-Madison, wish to enter into a memorandum of understanding as contemplated by the Ordinance, which will provide for the referral of eligible students to rent units with reduced rent, and will allow development of student-housing projects utilizing the Ordinance to include beds/units with reduced rent in Madison.
WHEREAS, the number ...
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