Fiscal Note
The proposed resolution authorizes amending the 2020 Adopted Capital Budget to include $60,000 of additional funding for a specific street light installation project in the Todd Drive area. This project will be funded by incremental revenue from TID #35, which has a projected year-end cash balance of $1.1 million.
Title
Amending the 2020 Adopted Capital Budget for Traffic Engineering’s Street Light Installation capital program to include TIF funding and expenses relating to the purchase and installation of the streetlights within the Todd Drive area of Tax Incremental District (TID) No. 35. (14th A.D.)
Body
WHEREAS, TID 35 was created by the City of Madison on July 5, 2005; and
WHEREAS, the TID 35 was amended by the City of Madison Common Council on August 6, 2019 (Legistar #56436) to include $60,000 of funding for street lighting; and
WHEREAS, The TIF funds required to pay for this project are not included in Traffic Engineering’s Adopted 2019 or 2020 Capital Budget; and
WHEREAS, TID #35 has sufficient incremental revenue funding and has received approval from the City of Madison Joint Review Board to utilize $60,000 for this project; and
WHEREAS, additional street lighting has been requested by the district alder, police, and neighborhood residents to improve the public safety in this area;
NOW, THEREFORE, BE IT RESOLVED that the 2020 Adopted Capital Budget is amended to include $60,000 of TIF Proceeds as a funding source for Traffic Engineering’s Street Light Installation capital program and that TID #35 - Todd Drive/West Beltline is amended to include $60,000 for Traffic Engineering street light installation in the Todd Drive area, funded by incremental revenue; and
BE IT FINALLY RESOLVED that the Mayor and City Clerk are authorized to sign, accept, and record any and all documents and legal instruments required to complete the transactions contemplated in this resolution, on a form and in a manner that has been approved by the City Attorney.