Fiscal Note
Any redevelopment of Allied Drive area properties by the City or CDA is expected to have a significant budgetary impact. Until a specific development proposal and budget is completed, however, it is impossible to speculate on how much such redevelopment would cost. There is $500,000 budgeted in TIF District #29 for Allied Drive redevelopment in 2007, of which about $50,000 has been spent to date. Expenditures for the redevelopment of these properties beyond that amount would require separate Council authorization.
This resolution would authorize the CDA to solicit RFP's and RFQ's to obtain outside professional services including, but not be limited to, housing studies, architectural services, financial/development consulting services, appraisals and legal services in anticipation of the proposed development. This procurement work could be accomplished with the reallocation of current Economic and Community Development Unit staff resources, although the CDA does not presently have sufficient resources available to fully fund the costs of the anticipated pre-development services. No contracts for these pre-development services could be entered into until a "final agreement between the City and the CDA" is approved by the Common Council.
Title
AMENDED SECOND SUBSTITUTE - Authorizing the City to Negotiate with the CDA to act as Master Developer of the City properties located at 2317, 2345, and 2409 Allied Drive and 4705 and 4713 Jenewein Drive.
Body
WHEREAS, the City of Madison through action of the Common Council adopted an affordable housing plan for the Allied area; and
WHEREAS, the four-day community design workshop process outlined several visions for redevelopment of the City-owned properties; and
WHEREAS, the CDA has access to financing that will help spur the redevelopment of the City-owned properties; and
WHEREAS, there are limited financial options to ensure that affordability of rental and ownership property is maintain...
Click here for full text