Fiscal Note
Sufficient funding for this contract are available in the Central Library project authorized in the 2010 Capital Budget.
Title
A Resolution Authorizing the City to Retain the Law Firm of Quarles & Brady, LLP to Provide Legal Services in Securing and Structuring New Market Tax Credits Financing for the Proposed New Central Library.
Body
Whereas, the funding for the proposed rebuilding of the Madison Central Library assumes the use of New Market Tax Credits (NMTC) in an amount estimated to be $4-6 million; and
Whereas, procuring and structuring the use of NMTC requires specialized legal expertise beyond the experience of the Office of the City Attorney; and
Whereas, the use of outside counsel will assure the proper legal structuring of NMTC financing; and
Whereas, the City Attorney, City Comptroller and President of the Library Board interviewed several potential candidates to provide such services; and
Whereas, it is the unanimous recommendation of the City Attorney, City Comptroller and President of the Library Board that the firm of Quarles & Brady, LLP be chosen to provide such legal services; and
Whereas, the attorneys will charge the City at hourly rates with the total cost of services estimated to be in the range of $75,000 - $150,000; and
Whereas, the costs for such legal services will be paid out of funds borrowed for the Central Library Project;
NOW THEREFORE, BE IT RESOLVED:
1. That the City is authorized to retain the law firm of Quarles & Brady, LLP to provide legal services in the securing and structuring of NMTC funding for the Central Library Project.
2. That the Mayor and City Clerk are authorized to sign an agreement with Quarles & Brady, LLP for such services, to be in a form approved by the City Attorney.