Fiscal Note
Legistar #25423 (RES-12-00179), adopted 3/20/12, amended the Brownfields Remediation Fund, to reallocate $125,000 back to the fund following a proposal that did not come to fruition. Therefore, $100,000 is available for an additional award, as proposed. No additional appropriation is required, and there is no impact on the levy.
Title
Authorizing the award of a grant of BREWD funds in an amount not to exceed $100,000 to 300 South Livingston Street LLC for the remediation and redevelopment of property at 302 South Livingston Street.
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, 300 South Livingston LLC submitted an application for BREWD funding on April 3, 2012 for the remediation and redevelopment of property comprising approximately 0.5 acres located at 302 South Livingston Street (“Property”).
NOW THEREFORE BE IT RESOLVED that the Common Council awards a grant of BREWD funds in an amount not to exceed $100,000 to 300 South Livingston LLC or its permitted assigns (“Developer”) for the remediation and redevelopment of property at 302 South Livingston Street (the “Grant”); and,
BE IT FURTHER RESOLVED that the Common Council waives the requirement of the aforementioned BREWD program guidelines that only permits “residential uses occupying no more than 50% of the total floor area of building(s) within the Property;” 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 the City shall secure the Grant with a subordinate mortgage on the Property to be satisfied upon the issuance of a...
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