Fiscal Note
The proposed resolution amends the Stormwater Utility’s capital budget to add Municipal Capital Participation funding to the Sprecher Greenway project (Munis project 12960). The City of Madison and the Town of Blooming Grove have an existing Cost Sharing Agreement with the Town’s share estimated at $90,000 (RES-21-00732). The work is now complete and the total reimbursement due from Town of Blooming Grove is approximately $57,000. The resolution would amend the budget by increasing the project's revenue and expenses by $57,000 to reflect the Town’s reimbursement.
Title
Amending the Adopted Stormwater Utility Capital Budget for the Cost Sharing Agreement with the Town of Blooming Grove for the Reconstruction of the Sprecher Road Greenway. (16th AD)
Body
WHEREAS, The City of Madison (City) and Town of Blooming Grove (Town) have entered into a Cost Sharing Agreement for the Reconstruction of the Sprecher Road Greenway that was heavily damaged during flooding events in 2018;
WHEREAS, The Cost Sharing Agreement was approved under RES-21-00732; and
WHEREAS, The City has designed, let and constructed the greenway in coordination with the Town; and
WHEREAS, The City will annex this area and assume the improvements in 2027 and it is in the City’s best interest to construct the greenway prior to annexation; and
WHEREAS, The final cost share for the Town was approximately $57,000.
NOW THEREFORE, BE IT RESOLVED that the Adopted Stormwater Utility Capital Budget is hereby amended to include Municipal Capital Participation to allow the City to recoup funds from the Town of Blooming Grove for the reconstruction of the Sprecher Road Greenway, as outlined in the Cost Sharing Agreement.