Fiscal Note
TIF funding expenditure for this project has not been authorized in the 2005 capital budget and therefore will require that the budget be amended. The proposed $100,000 expenditure for the hiring of a consultant is a TIF-eligible expense. It is anticipated that sufficient resources will be available in the TID 29 fund to finance the purchase by the end of 2005.
Title
AMENDED - Authorizing the City of Madison to use $100,000 of available TIF funds to hire a consulting firm to assist City staff and the community in the development of a redevelopment implementation plan for the Allied area, and amending the 2005 Planning and Development Capital Budget, project #15, "TID 29-Allied Terrace," to provide for the additional expenditure of $100,000 from TIF funds, and authorizing staff to negotiate with Hauk Investments to receive a six-month option to purchase properties located at 2317, 2345, and 2409 Allied Drive. (Companion resolution to ID# 01962. This resolution was created as a result of partially adopting 01962 & referring the unadopted language to the 10/11/05 Common Council Meeting for reconsideration.)
Body
WHEREAS, the City of Madison adopted the Allied-Dunn's Marsh-Belmar Neighborhoods Physical Improvement Plan for the Allied Dunn's Marsh area; and
WHEREAS, the City of Madison also commissioned a housing study for the Allied Dunn's Marsh area; and
WHEREAS, the Mayor's office created A Vision for the Allied Community which included five goals related to increased communication and cooperation; increased stabalization of the area and working to solve tough problems and creating immediate improvement to the area. This includes increasing the opportunity for owner-occupied housing in the Allied area and continuing to provide affordable housing in the Allied area so current residents can remain in the community; and
WHEREAS, the City of Madison has supported the creation of a new community center by providing ...
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