Fiscal Note
Res-11-00453 (Legistar #22235) was adopted by Council on 5/17/11 and authorized the expenditure of $425,000 from the Brownfields Remediation Revolving Loan Fund. This Resolution removes a funding contingency, but does not change the proposed expenditure and authorization. The funding is from a State grant. No additional appropriation is required.
Title
Amending RES-11-00453, File No. 22235, regarding the Royster Clark BREWD grant to remove the contingency requiring the issuance of a building permit prior to funding.
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; and,
WHEREAS, the Common Council awarded 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”) on May 17, 2011 (RES-11-0453); and,
WHEREAS, said resolution contained a disbursement contingency that specified the following: a building permit has been issued to construct the first commercial building that will house the positions noted above, and evidence is furnished to the satisfaction of the City that construction will begin within a reasonable period of time after disbursement of the Grant; and,
WHEREAS, this provision was based upon requirements outlined within the BREWD program guidelines noted above; and,
WHEREAS, upon subsequently negotiating a BREWD Grant Agreement with RDC Development LLC, RDC Development LLC identified that this provision may prevent the project...
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