Fiscal Note
The 2014 adopted capital budget of the Planning and Community and Economic Development agency (PCED) will be amended to create a new project entitled "Starting Block (TID 36)," and will authorize expenditures of $500,000 in 2014, to be funded with General Obligation borrowing, which is a TID 36 eligible expense. This project is included in the PCED 2015 Executive Capital budget, so the amendment proposes essentially an advanced project timetable. Approval of the amendment provides a match commitment for a 2014 grant opportunity. No further expenditure is anticipated in 2014. The project and funding, including $500,000 in General Obligation debt plus $1,000,000 in anticipated private contributions and other sources, will be included as a reauthorization in the 2015 adopted PCED capital budget, for a total commitment of $1.5 million, subject to approval by the Common Council.
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Amending the 2014 Capital Budget by $500,000 to fund StartingBlock in 2014, and supporting the submission of an i6 Challenge Grant application to the U.S. Economic Development Administration for StartingBlock.
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WHEREAS, the City of Madison is working to support an effort to create an entrepreneurial hub known as StartingBlock in the Capitol East District; and,
WHEREAS, this project will create a permanent hub for a makerspace known as Sector 67, and will create an innovation community by adding coworking space, technology office, retail, and community amenities; and,
WHEREAS, this project is expected to require a variety of private, public, and philanthropic sources of capital to succeed; and,
WHEREAS, the 2015 Executive Capital Budget includes $1,500,000 for StartingBlock, with $500,000 from City GO borrowing, and $1,000,000 from private contributions to be determined; and,
WHEREAS, Madison Region Economic Partnership (MadREP) has been working with StartingBlock on identifying available sources of additional funding; and,
WHEREAS, MadREP has identified tha...
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