Fiscal Note
Under the terms of the Letter of Intent, the City shall provide funding of up to $210,000 for site improvements. This funding is included in the 2010 PCED Adopted Capital Budget, Project No. 22, "CDA Redevelopment - Truman Olso Acquisition and Demolition." No additional appropriation is required.
Title
Accepting the terms and conditions outlined within a Letter of Intent (“LOI”), authorizing the execution of a Purchase and Sale Agreement (“Agreement”), and adopting the final Legally Binding Agreement (“LBA”) to accommodate Porchlight Inc. (“Porchlight”) at 4002 Nakoosa Trail; and, amending the City’s previously submitted Redevelopment Plan, Homeless Assistance Submission, and Public Comment documents regarding the Truman Olson United States Army Reserve Center (1402 S. Park Street) property accordingly, authorizing submission by the Community Development Authority of said revised documents to the Federal Government, and execution of the LBA by the Community Development Authority upon acceptance by the United States Department of Housing and Urban Development.
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WHEREAS, the City of Madison Common Council adopted the recommendations outlined in the Redevelopment Plan, Homeless Assistance Submission (including Legally Binding Agreements (“LBA”)), and Public Comment documents regarding the Truman Olson United States Army Reserve Center (1402 S. Park Street) property on September 2, 2008 and authorized the submission of said documents by the City of Madison Community Development Authority, designated as the Local Redevelopment Authority (“LRA”), to the Federal Government (RES-08-00864, Legistar # 11307); and,
WHEREAS, at the time of the Common Council’s action on September 2, 2008, an alternative accommodation for Porchlight Inc. (“Porchlight”) had not yet been finalized; and,
WHEREAS, the Common Council’s action on September 2, 2008 required further authorization by the Council for the accommodation of Porchlight once an alternative accommodat...
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