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File #: 39841    Version: 1 Name: Retail Improvement Grant Resolution
Type: Resolution Status: Passed
File created: 8/24/2015 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 10/6/2015 Final action: 10/6/2015
Enactment date: 10/9/2015 Enactment #: RES-15-00784
Title: Resolution approving the State Street Retail District Improvement Grant Program.
Sponsors: Paul R. Soglin, Michael E. Verveer, Ledell Zellers, Sara Eskrich
Attachments: 1. FINAL Retail Grant Program Summary.pdf, 2. BID_Board_LegFile39841_Report_Oct1.pdf, 3. Retail Grant Program Summary Grant Terms.pdf, 4. TID 32 Retail Grant Program 2015 Area Map.pdf, 5. BID Board Retail Grant Report Sept. 3.pdf, 6. Retail Grant Program Summary revised 9-16-2015.pdf, 7. 09-28-2015 New additions Retail Grant Improvement Program (2).pdf, 8. 09-28-2015 Retail Improvement Grant Program (2).pdf

Fiscal Note

FISCAL NOTE PENDING

$600,000/ $300,000 in 2015 and $300,000 in 2016 from Tax Increment District 32.

Title

Resolution approving the State Street Retail District Improvement Grant Program.

Body

WHEREAS, the City of Madison continues to look for opportunities to preserve the unique character of the State Street and Downtown area; and

 

WHEREAS, successful independent retail businesses can have a significant effect on the attractiveness and marketability of and area; and

WHEREAS, Tax Increment District 32 continues to be a healthy and fiscally strong TID ; and

 

WHEREAS, additional approvals are needed to amend the TID32 project plan prior to launching the program; and

 

WHEREAS, providing an opportunity for independent retailers to move into the targeted area and  invest in interior improvements that will benefit not only the current, but future retailers with the space is important to maintaining a strong downtown;

 

NOW THEREFORE BE IT RESOLVED, the program language and application are approved for use effective upon subsequent approval of amendments to the TID 32 project plan; and

 

BE IT FURTHER RESOLVED, the Economic Development staff is authorized to manage and market the program to current and future independent retails with operations in the targeted area that follow the approved program guidelines; and

 

BE IT FINALLY RESOLVED, that the each contract shall be approved by the Common Council at a later date.