Fiscal Note
The proposed resolution authorizes amending the 2018 Adopted Budget to fund the installation of an electric distribution system in The Center for Industry & Commerce (CIC). The 2018 General Land Acquisition Fund budget will be amended to authorize a $147,827 payment to Madison Gas & Electric (MG&E) for the installation of an electric distribution system within the CIC. The City of Madison is the developer of the CIC and as is customary for a developer MG&E will charge the City of Madison to install the electric distribution system, hold the funds in an escrow account for five (5) years, and then reimburse the City on a pro-rata basis when new owners/users of the remaining City-owned lots establish service with MG&E. The 2018 Adopted Budget includes an unassigned fund balance of approximately $716,000 in the General Land Acquisition Fund. No additional City appropriation is required for the $147,827 payment to MG&E.
Title
Authorizing a 2018 budget amendment to fund the installation of an electric distribution system in The Center for Industry & Commerce from the General Land Acquisition Fund; and, authorizing further action as required to complete the transaction with Madison Gas and Electric.
Body
WHEREAS, the City owns industrial lots within The Center for Industry & Commerce (the “CIC”), and is marketing these lots for sale to private businesses; and,
WHEREAS, the City agreed to construct Ronald Regan Avenue and John Wall Drive (“Infrastructure”) per the Purchase and Sale Agreement approved by Resolution Enactment No. RES 16-00714, File I.D. No. 44296, adopted by the Common Council on September 20, 2016 and the Amended Resolution Enactment No. RES-16-00881, File I.D. No. 45292, adopted by the Common Council on December 6, 2016; and,
WHEREAS, the constructed Ronald Regan Avenue and John Wall Drive will improve the marketability of several of the remaining sites available for sale within CIC; and,
WHEREAS, the City entered into a Public Works Co...
Click here for full text