Fiscal Note
The proposed resolution approves execution of a contract for architectural/engineering services for the Capitol East District Parking Structure. This project will be funded by GO Borrowing included in the TID 36 Capitol Gateway Corridor project in the Economic Development Division’s 2016 Capital Budget. The contract for architectural/engineering services will be for $610,000.
The anticipated total cost of construction of the Parking Utility structure is $7,000,000.
The contract amount for the architectural/engineering services is to be determined upon selection of the firm.
Title
2nd SUBSTITUTE - Resolution to execute a contract with Graef-USA Inc. for $610,000 to complete architecture/engineering for a Capitol East District Parking Structure; and to accept the Capitol East District Parking Structure Staff Report.
Body
WHEREAS, the Capitol East District is a burgeoning part of Madison that is experiencing a high level of investment in development projects that are adding employment uses, residential space, retail, and tax base to the City; and,
WHEREAS, additional parking is necessary to accommodate this growth, to implement the City’s adopted plans for this area, and to serve the needs of community destinations in the district such as Breese Stevens Field and Central Park; and,
WHEREAS, the City’s 2016 and 2017 Capital Budgets include a total of $13,000,000 in funding to design and construct a Parking Structure in the Capitol East District; and,
WHEREAS, the City recently completed an analysis of projected housing and commercial development in the Capitol East District as well as an analysis of future parking demand which indicate growing demand for parking in this area; and,
WHEREAS, with recent development projects in the Capitol East District, the City has used Tax Increment Financing to support the construction of private parking to meet the needs of development projects; and,
WHEREAS, consolidating parking into strategically-located pub...
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