Fiscal Note
The proposed resolution authorizes the submission and acceptance of a $250,000 grant from the Wisconsin Economic Development Corporation (WEDC) to fund a portion of the Owner’s (Roth Street I Limited Partnership) costs of infrastructure improvements and environmental remediation for the property located at 2007 Roth Street. The Economic Development Division’s 2023 adopted operating budget will be amended in the amount of the grant award and the award will be deposited into and disbursed through the City’s Grants fund. No additional City appropriation is required.
Title
Authorizing the City’s Economic Development Division to submit, and if awarded, accept a grant for $250,000 from the Wisconsin Economic Development Corporation (WEDC) Idle Sites Redevelopment Grant program and authorizing the Mayor and City Clerk to enter into a contract with WEDC to accept Idle Sites Redevelopment Grant award and enter into a Memorandum of Understanding with Roth Street I Limited Partnership for use of the funds. (12th AD)
Body
WHEREAS, City of Madison staff is working with Roth Street I Limited Partnership, the owner (the “Owner”) of the former Hartmeyer property, located at 2007 Roth Street (the “Property”) on plans for the redevelopment and reuse of the Property; and,
WHEREAS, barriers to the redevelopment and reuse of the Hartmeyer property include the need to fund substantial infrastructure improvement and environmental remediation costs on the site; and,
WHEREAS, the Wisconsin Economic Development Corporation’s (“WEDC”) Idle Sites Redevelopment Grant program provides funding to Wisconsin municipalities to fund costs needed to facilitate reinvestment in former commercial or industrial property that is currently idle or underutilized; and
WHEREAS, WEDC may award an Idle Sites Redevelopment Grant in the amount of $250,000 to fund a portion of the Owner’s costs of infrastructure improvements and environmental remediation costs on the Property.
NOW THEREFORE, BE IT RESOLVED, that the City of Madison is authorized to submit and, if awarded, accept a grant for $250,000 from WEDC’s Idle Sites Redevelopment Grant Program (“Grant”) to fund a portion of the Owner’s costs of infrastructure improvements and environmental remediation costs on the Property and take the following actions related to the Grant:
1. Enter into a contract with WEDC to accept the Grant (the “Grant Contract”).
2. Enter into a Memorandum of Understanding (the “MOU”) with the Owner describing how the City will transfer the funds to the Owner at the request of WEDC.
3. Enter into a contract, on substantially the same terms as the MOU, with the Owner to establish the terms for how the Grant funds will be transferred to Owner, and assign the obligations in the Grant Contract to Owner.
BE IT FURTHER RESOLVED, that the 2023 Adopted Operating Budget for Economic Development Division - Office of Business Resources’ grant revenue and purchased services is authorized to be amended in the amount of the grant funds awarded;
BE IT FINALLY RESOLVED that the Mayor and Clerk are hereby authorized to execute and record the above documents and any other documents related to this transaction in a form to be approved by the City Attorney.