Fiscal Note
Funding of $2,000,000 for the purchase of Brayton Lot was authorized in the Parking Utility 2007 adopted capital budget, but the authorization has not been subsequently reauthorized. This Resolution will, therefore, amend the Parking Utility 2011 adopted capital budget to provide funding of $1,387,000 for acquisition and other associated costs for the purchase of the Brayton Lot site. The funding will be added to the existing Brayton Lot repaving project already included in the Parking Utility 2011 capital budget (Project No. 3, "Brayton Lot," Acc't No. 810658) as follows:
$1,387,000 EP01-58110-810658 Land Acquisition Expense
($1,387,000) EP01-79999-810658 Revenues-Parking Utility Reserves
Title
Authorizing the execution of an Offer to Sell Real Estate with the State of Wisconsin for the purchase of four State-owned lots located at 302, 312, and 314 East Main Street and 21 South Butler Street for the expansion of the Brayton Parking Lot, a lease with the State of Wisconsin for spaces for its share-ride vans in the Parking Utility’s downtown parking facilities and the amendment of the 2011 Parking Utility Capital Budget for the acquisition of the lots.
Body
The City of Madison’s First Settlement Neighborhood Master Plan (1995) identified Block 113 (the “Brayton Lot Block”) as a strategic mixed-use redevelopment site. In 1998 the First Settlement Neighborhood Planning Committee (the “Planning Committee”) established a subcommittee to explore ways that redevelopment on the Brayton Lot Block could be made compatible with the neighborhood and consistent with the Neighborhood Master Plan. In August 2001 the Planning Committee, based on the work of the subcommittee, issued a design and development framework for Brayton Lot Block which included providing a better development platform for redevelopment of that block and better parking opportunities for parkers.
The City of Madison’s Parking Utility owns all but four lots on the Brayton Lot Block o...
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