Fiscal Note
Funding of $100,000 to support a new capital project entitled "Public Market" in the PCED 2010 Adopted Capital Budget Project is available in TID 25 cash proceeds. An amendment to the capital budget is required. No General Obligation borrowing is required.
Title
3rd SUBSTITUTE - Accepting the 2010 Madison Public Market (MPM) Site Analysis for locating a Madison Public Market and the Economic Contribution of the Proposed Madison Public Market to the Regional Economy Reports (collective "the Reports"), and the Recommendation that the Government East Parking Ramp be selected as the preferred site for the development of a Madison Public Market, amending the 2010 Adopted PCED Capital Budget to provide for the creation of a new project entitled "Public Market," and authorizing the Mayor and City Clerk to enter into an agreement with Common Wealth Development, Inc., to provide $50,000 in funds to proceed with the preparation of documents and materials regarding budget, fundraising, outreach, market operations, updates to tenant leasing reports, and MPM project management, and $50,000, for architectural/engineering and space planning design services for the MPM portion of the "Public Market Square" (Blocks 88 and 105) once the Mayor's planning process related to downtown high speed rail redevelopment begins.
Body
WHEREAS, on November 18, 2008, the Common Council accepted the Madison Public Market Report: Key Findings Report which identified the Brayton Lot as the preferred location of the Madison Public Market (Enactment No. RES-08-01019, Legislative File ID No. 12178); and
WHEREAS, Council requested that City staff, along with Common Wealth Development and Blue Planet Partners, explore additional sites that might be better locations for the Market beyond Brayton Lot; and
WHEREAS, $60,000 was approved in the 2009 Capital Budget to permit further site and economic analysis for up to three (3) additional locations to occur; and
WHEREAS, Common Wealth Development, Inc., Blue Planet Partners, and the City utilized the $60,000 to prepare a MPM Site Analysis for locating a Madison Public Market and the Economic contribution of the proposed Madison Public Market to the Regional Economy; and
WHEREAS, Common Wealth Development, Inc., and Blue Planet Partners have satisfactorily completed the Reports after reviewing three (3) additional MPM locations; and
WHEREAS, after a thorough review of alternative sites, including Union Corners, East Washington Avenue in the Capitol East District, and the Government East Parking Ramp, the Reports identified the Government East Parking Ramp as the preferred site alternative for both its proximity to employment, residential, and visitor centers, as well as the short-term potential to develop the market, is superior to other locations that have been identified; and
WHEREAS, the Reports have identified the economic benefit of the proposed MPM on the new preferred site, Government East Parking Ramp, and concluded a positive effect will result from a financial, employment generation, local foods, and retail market strengthening position, and
WHEREAS, the recent announcement by the Governor of the new High Speed Rail (HSR) station location at Monona Terrace, provides an extraordinary opportunity to create a vibrant Public Market in the middle of a dynamic mixed-use area containing the rail station, ample parking, new offices, a new hotel, etc., potentially exposing hundreds of thousands of potential new customers for the Public Market every year; and
WHEREAS, locating the Public Market at Government East will provide an opportunity to expand the shopping experience downtown and increase the breadth of goods available, including the bounty of local farmers and local small businesses; and
WHEREAS, the development of the Madison Public Market project is consistent with the City's adopted Comprehensive Plan by capitalizing on the connection between rural and urban communities, to build a local/regional food economy that will provide for both economic development, and agricultural preservation; and
WHEREAS, the MPM Financial, Fundraising and Community outreach document will provide an updated preliminary capital budget, operational budget, fundraising plan, community outreach plan, and provide for the hiring of grant writing assistance; and
WHEREAS, the MPM Operational Documents will revise the new site's goals and objectives, prepare a draft management plan with identification of Board Director roles and targets, and update the MPM draft business plan documents; and
WHEREAS, MPM report upgrades will make modifications to the MPM demographic report, market survey report, tenant leasing plan, tenant mix, and physical space plan; and
WHEREAS, funds are needed to work with the City and other consultants in preliminary architectural and engineering work to coordinate MPM space planning and operational requirements with the engineering of a new Government East Park Ramp; and
WHEREAS, the Board of Estimates has requested that the $50,000 portion of funding for architectural, engineering and site planning services be approved but not authorized to proceed until the master planning for the High Speed Rail Market Square redevelopment is initiated and the PCED staff have given the go ahead; and
WHEREAS, the project is consistent with the adopted Comprehensive Plan through capitalizing on connection between rural and urban communities to build a local/regional food economy that will provide for both economic development and agricultural preservation; and
WHEREAS, the Common Council will be briefed during the process, and the results of the Project will be shared with the Common Council upon its completion; and
WHEREAS, funds expended through this process can be recovered through the TIF district that covers the areas under consideration for the MPM, provided, such expenditures of funds are consistent with the TIF District project plans; and
WHEREAS, it is important to immediately begin to develop and refine the budget, fundraising, outreach, market operations, tenant leasing plan, and project management for the new location; and
WHEREAS, the architectural and engineering services necessary to more fully develop the Madison Public Market needs to be coordinated with future planning for the development of "Market Square" (Blocks 88 and 105); and
WHEREAS, the objectives as set forth in the applicable TIF Districts' project plans are consistent with the City's goals of enhancing the financial sustainability of our local and downtown economy through employment and enterprise creation.
NOW THEREFORE BE IT RESOLVED, that the Common Council accepts the 2010 Madison Public Market (MPM) Site Analysis for locating a Madison Public Market and the Economic Contribution of the Proposed Madison Public Market to the Regional Economy.
BE IT FURTHER RESOLVED, that the Mayor and City Clerk are authorized to enter into agreement with Common Wealth Development, Inc., for $100,000 to support the preparation of the MPM preliminary architectural, engineering and site planning services for the new site (Government East Parking Lot), MPM Financial, Fundraising and Community Outreach for the new site, MPM Operational documents for the new site, and MPM report upgrades for the new site (the $50,000 portion of funds for the architectural/engineering and site planning will not start until the master planning for the High Speed Rail Market Square redevelopment has begun) and that staff of the Department of Planning & Community & Economic Development will continue to manage the elements of this Resolution in order to timely establish the Madison Public Market at the Government East Parking Ramp.
BE IT FURTHER RESOLVED, that $50,000 will be made available for work relating to budget, fundraising, outreach, market operations, updates to the tenant leasing reports and MPM project management.
BE IT FURTHER RESOLVED, that $50,000 is authorized for expenditures related to architectural and engineering services related to the Madison Public Market, but those funds are authorized for release as part of the planning for the development of "Market Square."
BE IT FINALLY RESOLVED that the 2010 Adopted Capital Budget for the Planning, Community and Economic Development agency be amended to include a new project: "Public Market," with expenditure authority of $100,000, to be funded with available proceeds in TID 25, as follows:
$100,000 Consultant Expense CD21-58015-810666
($100,000) Transfer in from TIFs CD21-79448-810666