Fiscal Note
The 2011 adopted City operating budget provides authorization for expenditures of $500,000 from the Brownfields Remediation Revolving Loan Fund (p. 29), from which the proposed expenditure of $425,000 will come. The funding is from a State grant. No additional appropriation is required.
Title
Authorizing the award of a grant of BREWD funds in an amount not to exceed $425,000 to RDC Development, LLC for the demolition, remediation, and redevelopment of the Royster Clark property, and the execution of a BREWD Grant Agreement by the Mayor and City Clerk.
Body
WHEREAS, the City of Madison received a $1,000,000 award from the State of Wisconsin to capitalize the Brownfield Remediation/Elimination & Workforce Development (BREWD) program; and,
WHEREAS, the Common Council adopted the current BREWD program guidelines on February 23, 2010; and,
WHEREAS, RDC Development, LLC submitted an application for BREWD funding on February 4, 2011 for the demolition, remediation, and redevelopment of the property known as Royster Clark at the intersection of Cottage Grove Road and Dempsey Road.
NOW THEREFORE BE IT RESOLVED that the Common Council awards a grant of BREWD funds in an amount not to exceed $425,000 to RDC Development, LLC (“Developer”) for the demolition, remediation, and redevelopment of the Royster Clark property (the “Grant”); and,
BE IT FURTHER RESOLVED that $50,000 of the Grant is conditioned upon Developer’s commencement of the demolition and remediation activities by November 1, 2011, with the option for the Department of Planning, Community & Economic Development Director to extend the November 1, 2011 deadline if the issuance of a demolition permit is delayed by the City; and,
BE IT FURTHER RESOLVED that the Common Council authorizes the City Attorney’s Office to draft a BREWD Grant Agreement in accordance with the BREWD program guidelines referenced above, and that said Grant Agreement should include the following specific terms:
· That t...
Click here for full text