City of Madison, Wisconsin | Legislative Information Center
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File #: 56835    Version: Name: 11700 Dairy Drive Acquisition 2019 Budget Amendment
Type: Resolution Status: Passed
File created: 7/30/2019 In control: Economic Development Division
On agenda: 9/3/2019 Final action: 9/3/2019
Enactment date: 9/6/2019 Enactment #: RES-19-00623
Title: SUBSTITUTE - Amending the 2019 Adopted Budget for Engineering - Major Streets and Tax Increment District (TID) #39 to increase the Dairy Drive capital project (#11865) budget by $500,000 for land acquisition and to fund the increase with TID #39 (16th A.D.) incremental revenues. Amending the 2019 adopted Engineering - Major Streets Budget with a $500,000 increase to Dairy Drive Project #11865 to accommodate land acquisition costs, to be paid through TID #39. (16th A.D.)
Sponsors: Michael J. Tierney, Satya V. Rhodes-Conway
Attachments: 1. File ID 55071 Relo Order adopt 4-16-19 Binder.pdf, 2. 56835 Version 1.pdf
Fiscal Note
The proposed resolution authorizes increasing Engineering - Major Streets 2019 adopted capital budget by $500,000 to pay for land acquisition costs associated with the Dairy Drive capital project (#11865), which increases the project budget to approximately $2.5 million. The proposed increase will be funded by incremental revenues in Tax Increment District (TID) #39. The 2019 adopted operating budget for TID #39 includes $1.9 million of incremental revenues and a year-end cash balance of $2.57 million. The unrecovered costs in TID #39 are budgeted at approximately $540,000.

Title
SUBSTITUTE - Amending the 2019 Adopted Budget for Engineering - Major Streets and Tax Increment District (TID) #39 to increase the Dairy Drive capital project (#11865) budget by $500,000 for land acquisition and to fund the increase with TID #39 (16th A.D.) incremental revenues. Amending the 2019 adopted Engineering - Major Streets Budget with a $500,000 increase to Dairy Drive Project #11865 to accommodate land acquisition costs, to be paid through TID #39. (16th A.D.)

Body
WHEREAS, the 2019 Engineering - Major Streets Capital Budget includes the construction of an extension of Dairy Drive from Broadway Avenue to Femrite Drive (Project # 11865); and,

WHEREAS, the City issued a Relocation Order to acquire land and easements to complete the project (RES-19-00287, Legistar # 55071); and,

WHEREAS, the Relocation Order estimated the cost of land and easement acquisitions to be $708,000; and,

WHEREAS, the City’s collective appraised values for the affected properties indicate just compensation to property owners in the amount of $1,044,140 for all the land and easement interests required for the project; and,

WHEREAS, when adding miscellaneous relocation costs to the offering price of $1,044,140, the total cost of land and easement acquisition could be closer to $1.2 million, or about $500,000 more than the originally budgeted amount of $708,000; and,

WHEREAS, the land ...

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