City of Madison, Wisconsin | Legislative Information Center
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File #: 63918    Version: 1 Name: Amending the 2021 Capital Budget for Parks Division for the Olin Park Building renovation project.
Type: Resolution Status: Passed
File created: 1/26/2021 In control: Parks Division
On agenda: 2/23/2021 Final action: 2/23/2021
Enactment date: 3/3/2021 Enactment #: RES-21-00118
Title: Amending the 2021 Capital Budget for Parks Division for the Olin Park Building renovation project.
Sponsors: Satya V. Rhodes-Conway, Tag Evers, Sheri Carter, Paul E. Skidmore
Fiscal Note
The estimated cost for the improvements at the Olin Park Building is $3.95M. Currently, the City anticipates $400K in direct contributions to the City’s project from a tenant in the building (in addition to longer term annual rental payments). Current budget allocations for the Olin Park Building Project and associated Park Facility Improvements projects have available expenditure authorization of $1.87M in City funding.

This budget amendment transfers $1.76M in existing expenditure authorization from various projects in the Parks Division’s Capital Budget to the Olin Park Building Project program (MUNIS Project 17443). The below transfers utilize balances from existing capital accounts, the vast majority of which is the sum of residual balances from completed projects. Transferring the funds out of these major programs and closing the projects will provide a more efficient financial administration of the Capital Budget moving forward. The amendment does not require new expenditure authorization.

Major # Amount to Transfer Major Project Name
10605 $467,218.86 Beach and Shoreline Improvements
17421 $1,065,754.57 Park Land Improvements
17436 $13,461.21 Playground and Accessibility Improvements
19032 $16,373.12 Public Drinking Fountains
17184 $200,000.00 Vilas Park Improvements
Title
Amending the 2021 Capital Budget for Parks Division for the Olin Park Building renovation project.

Body
WHEREAS, in February 2019 the City of Madison Parks Division acquired the former Wisconsin Medical Society properties at 330 and 342 E Lakeside Street; and

WHEREAS, the 330 E. Lakeside Street parcel included an existing 43,000 square foot office building; and

WHEREAS, the building was evaluated for potential adaptive reuse, and due to its quality construction, central location, and physical characteristics, it was determined that it would be an asset to the City; and

WHEREAS, the building will serve as an important...

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