Fiscal Note
The Resolution proposes an alternative process for exploring the development of City-owned property. Staff resources will need to be allocated in support of the Capitol East District Committee, but no appropriation is required. Any future expenditures associated with a development will be subject to Common Council approval.
Title
Adopting a process for disposition of property on the south side of 800 East Washington Ave
Body
WHEREAS, the Capitol East District has been the subject of extensive planning efforts and the City and neighborhoods have developed consensus regarding a well-articulated vision for the area; and,
WHEREAS, the City acquired approximately two acres of land on the south side of the 800 block of East Washington Avenue through the land-banking program; and,
WHEREAS, a previous Request for Proposals did not result in a successful project on the south side of the 800 block of East Washington Avenue; and,
WHEREAS, the adopted plans for the City-owned property on the 800 block of East Washington Avenue call for the property to serve a primarily employment-oriented use; and,
WHEREAS, the City has actively worked to encourage development of an entrepreneurial hub known as Starting Block and a concept known as the Madison Sustainability Commerce Center (“MSCC”); and,
WHEREAS, development of Starting Block and the Madison Sustainability Commerce Center are more complex than more standard real estate developments; and,
WHEREAS, projects aimed at employment-oriented uses cannot currently be financed with substantial pre-leasing commitments for tenants; and,
WHEREAS, a renewed Request for Proposals following the Land Banking RFP process outlined in a memo accepted by the Common Council on May 15, 2012 is unlikely to successfully attract viable proposals with pre-leasing commitments in place; and,
WHEREAS, the City of Madison desires to make its property on the south side of the 800 block of East Washington Avenue available for devel...
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