Fiscal Note
The 2007 Adopted Capital budget of the Department of Planning and Development includes authority for expenditure of $1,100,000 for this project (Project No. 33, "Brownfields Remediation Revolving Loan Fund), including $100,000 of General Obligation borrowing to help leverage the state grant funds. The program guidelines require a 65% City, 35% Applicant match. As such, the Applicants to the program will fund most of the required State match. City funds will be used for marketing and outreach, and to enlist consultant services to help determine grant award criteria.
Title
SUBSTITUTE - Authorizing the City of Madison to accept a grant from the State of Wisconsin Department of Commerce in the amount of $1,000,000 and to utilize these funds for brownfield remediation activities.
Body
WHEREAS, the City of Madison Office of Business Resources applied to the State of Wisconsin Department of Commerce (the "State") for funding to develop a brownfield remediation program through the Brownfields Legislative Award (LEG); and,
WHEREAS, the State is prepared to provide $1,000,000 to the City of Madison for brownfield remediation activities; and,
WHEREAS, it is the intent of the State and the City that these funds be used to assist private projects that result in employment centers, job creation/retention, and redevelopment of underutilized parcels by lessening the financial burden of remediation and demolition associated with environmentally contaminated brownfield properties; and,
WHEREAS, the City will grant or loan these funds under its Brownfield Remediation/Elimination and Workforce Development (BREWD) program guidelines as approved by the State; and,
WHEREAS, the State requires a match of approximately $538,000 toward eligible project costs, the source of which can be program Applicants and/or the City of Madison (including in-kind City support).
NOW THEREFORE BE IT RESOLVED, that the City is authorized to accept the brownfield remed...
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