Fiscal Note
RES-12-00179 (ID No. 25423), adopted March 20, 2012, amended the Brownfields Remediation Revolving Loan Fund to make available $125,000 for reallocation following a proposal that did not come to fruition. Resolution ID No. 26096 (on the May 1, 2012 Common Council agenda for adoption) authorizes a grant of $100,000, thereby leaving a balance of $25,000 which would be awarded by this resolution. 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 $25,000 to Noor Investments LLC for the remediation and redevelopment of property at 1129 South Park 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, Noor Investments LLC submitted an application for BREWD funding on March 29, 2012 for the remediation and redevelopment of property comprising approximately 0.3 acres located at 1129 South Park Street (“Property”).
NOW THEREFORE BE IT RESOLVED that the Common Council awards a grant of BREWD funds in an amount not to exceed $25,000 to Noor Investments LLC or its permitted assigns (“Developer”) for the remediation and redevelopment of property at 1129 South Park Street (the “Grant”); 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 Certificate of Occupancy for the new development on the Property and satisfaction of the job creation requirements.
· That the City shall r...
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