Fiscal Note
Funding for the acquisition and development of Central Park is included in the 2010 Capital Improvement Program (see 2010 Capital Budget, Engineering - Other Projects , Project #11 "Central Park", page 253). For the Year 2010, $982,015 of General Obligation Debt is provided for design, survey, and soil work. A total of $5,422,003 is projected for the Year 2011, consisting of $3,149,651 of Federal funding, $500,000 of Tax Incremental Financing (TIF) funding, $1,172,352 of General Obligation Debt, and $600,000 of Parks Development Fees. Funding of $500,000 is anticipated for the Year 2012, consisting entirely of TIF funding. And finally, a total of $1,154,800 of TIF funding is projected for the Year 2013.
A total of $8,058,818 is therefore included in the CIP for the years 2010 - 2013, anticipated from the following sources: Federal funding, $3,149,651; General Obligation Debt, $2,154,367; TIF funding, $2,154,800; and Parks Development Fees, $600,000. Generation of the TIF funding will require amendment of the plan and boundaries for TID #36 "Capital Gateway."
Title
Accepting the Final Report of the Central Park Design and Implementation Task Force as a supplement to the City of Madison Comprehensive Plan to guide future Park development options; and to extend the work of the Central Park Design and Implementation Task Force to support additional Phase 1 planning and implementation efforts through 2010; and authorizing the Mayor and Clerk to enter into a Memorandum of Understanding with the Center for Resilient Cities, Inc., and Central Park Skate, LLC, to provide for the terms of City operation of lands presently owned by those organizations and creation of a non-profit organization to support the future Central Park.
Body
WHEREAS, the City of Madison Comprehensive Plan, adopted January 17, 2006 (Enactment No. ORD-06-00010, Legislative File ID No. 02207), recommends the adoption of neighborhood plans and special area plans for established res...
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