Fiscal Note
The proposed resolution approves a Request for Proposals (RFP) for the redevelopment of 415 N. Lake St., the State Street Campus Garage. An estimated project timeline includes project feasibility determination and development agreement negotiations in 2022, design completion in 2024, and demolition and construction starting in 2025. These phases and dates are subject to change. This project is included on the 2021 Adopted Capital Budget Horizon List, which states that City staff will study the creation of a new Tax Increment Financing district in the greater State Street area to serve as a full or partial funding source for this project. No additional City appropriation is required with approval of the proposed resolution.
Title
SUBSTITUTE - Approving the issuance of a Request for Proposals (RFP) for the redevelopment of 415 N. Lake St., the State Street Campus Garage, (the “Property”) and establishing a process for the review of responses to the RFP and selection of a development team for the Property
Body
WHEREAS the 510 space State Street Campus Garage at 415 N. Lake Street is approaching the end of its useful life and has become financially challenging for the City to continue to invest in its ongoing maintenance; and
WHEREAS the site represents an important opportunity to add a tax-generating development for the benefit of the City and its other taxing jurisdictions that can also provide connectivity, transportation, housing and additional amenities to visitors, residents, and students and more effectively connect downtown Madison and the University of Wisconsin campus; and
WHEREAS the City of Madison desires to construct a mixed-use project containing an intercity bus terminal, public parking structure, ground floor retail, and housing; and
WHEREAS the City wishes to achieve the goals set forth in the attached RFP and also shown below:
• Unlock the development potential of City-owned, tax-exempt parcel to significantly expand the City’s tax base and employment
• Unlock the development potential of the site through careful selection of mixed uses that includes retail and housing along with intercity bus terminal and parking
• Attract additional residents and increased density to the central business district/downtown to increase the vitality of the area
• Draw residents and visitors to a mix of retail and restaurants that engage and activate the sidewalk and street
• Enhance Lake Street as an important connection for bicyclists and pedestrians
• Replace the State Street Campus Garage at 415 N. Lake Street with a new parking facility that connects to the 430 N. Frances Street addition and that serves the public parking needs in the area and the above ground development
• Ensure the project, which has a 75+ year horizon life cycle cost, is affordable for the Parking Utility to continue its mission to provide service to the public
• Create a permanent City-owned intercity bus terminal that is off-street and integrated into the mixed-use development
• Ensure high quality pedestrian and bicycle connectivity to Metro Transit and intercity bus terminal
NOW THEREFORE BE IT RESOLVED that the Common Council of the City of Madison directs City Staff to issue an RFP to achieve the goals outlined above.
BE IT FURTHER RESOLVED that City staff will revise the RFP to allow respondents to propose an additional alternate plan with less than 510 public parking spaces.
BE IT STILL FURTHER RESOLVED that City staff will revise the RFP to add the following sentence: “The Intercity bus terminal must accommodate a minimum of 3 to 5 busses at one time for off-street unloading and loading purposes.”
BE IT FURTHER RESOLVED that the Department of Planning, Community & Economic Development Director will review all responses that are received prior to the deadline and prepare a report to the Finance Committee.
BE IT STILL FURTHER RESOLVED that the Finance Committee shall make a recommendation to the Common Council regarding which response to the RFP, if any, the City should select.
BE IT STILL FURTHER RESOLVED that Transportation Commission members shall be invited to join and contribute to Finance Committee deliberations, including within closed session negotiation discussions.
BE IT FINALLY RESOLVED that the Mayor and City Clerk are authorized to sign any documents required to issue the RFP.