Fiscal Note
Adoption of this resolution would result in the reallocation of available staff resources to further develop the "BioLink" incubator project concept and would have no direct budgetary impact. This project was not included in the adopted Capital Budget, and because it is still in the conceptual stage, all necessary funding, management structure and budgetary terms have not yet been finalized. Before development could commence, separate Common Council approvals would be required to enter into a grant agreement with the Economic Development Administration, to enter into a development agreement with Madison Development Corporation and to amend the Capital Budget to authorize the expenditure of City and TIF resources for this purpose.
Title
Authorizing City staff to submit an application to the U.S. Economic Development Administration for up to a $4 million grant to construct the Midwest BioLink Commercialization and Business Center (BioLink) within the BioAg Gateway, and accepting the willingness of the Madison Development Corporation (MDC) to serve as co-applicant on said application.
Body
WHEREAS, the City of Madison purchased 27-acres of what is now the BioAg Gateway for the purpose of attracting and growing Bio-Ag related businesses; and,
WHEREAS, an incubator facility, herein called the Midwest BioLink Commercialization and Business Center (“BioLink”) is a key component of the development of the BioAg Gateway; and,
WHEREAS, the City of Madison recently created TID #39 for the purpose of continuing economic development activities on the southeast side of Madison; and,
WHEREAS, City staff recently became aware of an opportunity to secure grant funding from the U.S. Economic Development Administration (“EDA”) to construct BioLink through the “Supplemental Appropriations Disaster Relief Opportunity, Economic Adjustment Assistance, CFDA # 11.307” (“EDA Grant”); and,
WHEREAS, the EDA Grant requires a 75% (EDA) / 25% (Local) match; and,
WHEREAS,...
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