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File #: 53530    Version: Name: Amendment to City and Beitler Development Agmt
Type: Resolution Status: Passed
File created: 10/16/2018 In control: FINANCE COMMITTEE
On agenda: 1/8/2019 Final action: 1/8/2019
Enactment date: 1/14/2019 Enactment #: RES-19-00038
Title: SECOND SUBSTITUTE - Authorizing an Amendment to the Executed Development Agreement between the City of Madison and Beitler Real Estate Services LLC and Directing Further Actions as a Component of the Judge Doyle Development Project.
Sponsors: Paul R. Soglin, Michael E. Verveer
Attachments: 1. Attachment A.pdf, 2. 53530 Version 1.pdf, 3. 53530 Version 3.pdf, 4. City - JDS Common Council Resolution - Amendment to Development Agreement V.2.pdf, 5. Ald Ahrens Amendment 53530.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
1/8/20192 COMMON COUNCIL ReconsiderPass Action details Meeting details Not available
1/8/20192 COMMON COUNCIL Adopt As SubstitutedPass Action details Meeting details Not available
1/8/20192 COMMON COUNCIL Adopt SubstitutePass Action details Meeting details Not available
11/20/20182 COMMON COUNCIL Reconsider and refer to a future meetingPass Action details Meeting details Not available
11/13/20182 COMMON COUNCIL Adopt SubstituteFail Action details Meeting details Not available
11/13/20181 COMMON COUNCIL Adopt With Amendment(s)Fail Action details Meeting details Not available
10/30/20181 COMMON COUNCIL AdoptFail Action details Meeting details Not available
10/30/20181 COMMON COUNCIL Adopt the Following Amendment(s)Fail Action details Meeting details Not available
10/22/20181 FINANCE COMMITTEE RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICERPass Action details Meeting details Not available
10/18/20181 MONONA TERRACE COMMUNITY AND CONVENTION CENTER BOARD Return to Lead with the Recommendation for ApprovalPass Action details Meeting details Not available
10/16/20181 FINANCE COMMITTEE Refer  Action details Meeting details Not available
10/16/20181 COMMON COUNCIL ReferPass Action details Meeting details Not available
10/16/20181 Attorney's Office Referred for Introduction  Action details Meeting details Not available
Fiscal Note
This resolution authorizes an amendment to the development agreement with Beitler Real Estate Services LLC, for the development of the Judge Doyle Project on Blocks 88 and 105. The amendment would require the first private development to be a hotel, return the development right on Block 88 to the city, require a $700,000 payment by the city to Beitler for release of the development right on Block 88, place a 20 year restrictive covenant prohibiting development of a hotel on Block 88 if a hotel is built by Beitler on Block 105, and accelerate the pace of the development on Block 105.

The 2018 capital budget (reauthorized in the 2019 adopted capital budget) included $41,791,659 for construction of the Judge Doyle Public Parking Structure (MUNIS project #11471), $1 million for a bicycle center (MUNIS project #11160), and $1.3 million for city fleet stalls in the public parking structure (MUNIS project #11319) for a total of $45,965,112. This amount was increased by $4.4 million to a total of $50.4 million through a separate budget amendment resolution (Legistar #51484, RES-18-0403, adopted May 15, 2018) to fund estimated hard and soft costs of completing first floor retail space, two above-grade parking decks and associated access ramps, as well as a load transfer slab on top of the structure (together called “the podium”) that can serve as the foundation for future development (e.g., office, apartment). Total estimated cost of the podium is $11 million, funded by a combination of the $4.4 million added through the budget amendment and $6.6 million of savings in the 2018 adopted budget amount due to bids for constructing the underground public garage coming in lower than estimated. Funding sources for the project include $23.5 million from Parking Utility Reserves, $24 million from TID 25, $2.3 million GO debt and $565,322 from a federal TIGER grant.

According to the City’s Development Agreement with Beitler Real Estate Services (see Exhibit B - Grou...

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