City of Madison, Wisconsin | Legislative Information Center
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File #: 64975    Version: Name: 8071 TID 42 Capital Budget Amendment - VOP / Black Business Hub
Type: Resolution Status: Passed
File created: 4/8/2021 In control: Economic Development Division
On agenda: 5/18/2021 Final action: 5/18/2021
Enactment date: 5/24/2021 Enactment #: RES-21-00381
Title: Amending the 2021 Adopted Capital Budget for the Community Development Authority - Redevelopment to create a Village on Park Redevelopment capital project and to authorize $3,000,000 in capital improvements at the Village on Park by the Community Development Authority, to be funded by incremental revenue proceeds from Tax Increment District (TID) No. 42. (14th A.D.)
Sponsors: Satya V. Rhodes-Conway, Sheri Carter, Tag Evers, Charles Myadze, Christian A. Albouras
Attachments: 1. 8071 Village on Park_Cap Budget Amend_Memo_3.22.21.pdf, 2. DOT Village on Park memo to council.v4.pdf, 3. TPPB 5.3.21 Item 3 PublicComment-RegistrantsReport.pdf, 4. 210504_Common Council Registrants Report-Final.pdf, 5. 5-18-21 written public comment 64975.pdf, 6. V1, 7. 2021070_VOP_Parking_Study_20210714_reduced.pdf
Fiscal Note
The proposed resolution amends the CDA Redevelopment 2021 Adopted Capital Budget by creating a new Village on Park Redevelopment capital project and authorizing $3,000,000 in capital improvements. The $3,000,000 will be funded by TIF Proceeds from TID #42, which will be receiving a $3,000,000 transfer of incremental revenue from TID #39 pursuant to Legistar File ID 64795 and 64796. File 64795 amends TID #42’s project plan to authorize this expense and additional projects at the Village on Park.
Title
Amending the 2021 Adopted Capital Budget for the Community Development Authority - Redevelopment to create a Village on Park Redevelopment capital project and to authorize $3,000,000 in capital improvements at the Village on Park by the Community Development Authority, to be funded by incremental revenue proceeds from Tax Increment District (TID) No. 42. (14th A.D.)
Body
WHEREAS, TID #42 was created by the City of Madison (“City”) on July 3, 2012; and

WHEREAS, an amendment to the TID #42 project plan has been prepared for consideration and adoption by the City of Madison Common Council on May 4, 2021 (Legistar #64795); and

WHERAS, the proposed TID #42 amendment includes $11,200,000 of funding for redevelopment activities at the Village on Park, primarily focused on the creation of a Black Business Hub, affordable housing, and associated parking (collectively, “the Project”); and

WHEREAS, the City has committed to investing in Black businesses and entrepreneurship in South Madison; and

WHEREAS, the Urban League of Greater Madison intends to locate a Black Business Hub at the Village on Park; and

WHEREAS, the City of Madison recognizes that the capital improvements being funded with TIF for the Project serve a public purpose; and

WHEREAS, the Village on Park is wholly owned and operated by the Community Development Authority of the City of Madison (“CDA”); and

WHEREAS, the City provides financial services to the CDA under the Contract for Service...

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