City of Madison, Wisconsin | Legislative Information Center
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File #: 54898    Version: 1 Name: WEDC CDI Grant for MPM - Fleet site 200 N First St
Type: Resolution Status: Passed
File created: 2/26/2019 In control: Economic Development Division
On agenda: 3/19/2019 Final action: 3/19/2019
Enactment date: 3/25/2019 Enactment #: RES-19-00255
Title: Authorizing the City’s Economic Development Division to submit, for a $250,000 grant from the Wisconsin Economic Development Corporation (WEDC) Community Development Investment Grant program and if awarded, accepting the granted funds, amending EDD's 2019 Operating budget and authorizing the Mayor and City Clerk to enter into a contract with WEDC to accept Community Development Investment Grant award for use of the funds.
Sponsors: Larry Palm, Marsha A. Rummel
Fiscal Note
The proposed resolution authorizes submitting an application for a $250,000 grant from the Wisconsin Economic Development Corporation (WEDC) to fund a portion of the Owner’s costs of building renovation, demolition, and new construction costs for tenant build-out on the Property located at 200 N First Street. If awarded, the Economic Development Division’s 2019 Operating Budget will be amended in the amount of the grant award and the award will be deposited into the Grants fund. No additional City appropriation is required.
Title
Authorizing the City’s Economic Development Division to submit, for a $250,000 grant from the Wisconsin Economic Development Corporation (WEDC) Community Development Investment Grant program and if awarded, accepting the granted funds, amending EDD's 2019 Operating budget and authorizing the Mayor and City Clerk to enter into a contract with WEDC to accept Community Development Investment Grant award for use of the funds.
Body
WHEREAS, City of Madison, the owner (the “Owner”) of the Fleet Services site, located at 200 N. First Street, (the “Property”) is working on plans for the reuse of the Property; and,

WHEREAS, one of the initial barriers to reusing the Fleet Services site is the need to fund building renovation, demolition, and new construction costs on the site; and,

WHEREAS, the Wisconsin Economic Development Corporation’s (“WEDC”) Community Development Investment Grant program provides funding to Wisconsin municipalities to fund costs needed to facilitate downtown community development, increased job opportunities, increased property values and/or leveraged private investment; and

WHEREAS, WEDC may award a Community Development Investment Grant in the amount of $250,000 to fund a portion of the Owner’s costs of building renovation, demolition, and new construction costs for tenant build-out on the Property.

NOW THEREFORE, BE IT RESOLVED, that the City of Madison is authorized to submit and, if awarded, accept ...

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