Fiscal Note
The proposed resolution amends the Parks Division’s 2023 Adopted Capital Budget by authorizing $2,665,000 in capital improvements for South Madison park improvements funded by TIF Proceeds from TID#51. Files #75809 and #75605 approved TID 51’s project plan and boundary, and the use of the Half Mile Rule, which authorize this expense and additional projects in South Madison . The proposed improvements are consistent with the recommendations of the South Madison Plan.
In addition, the proposed resolution reallocates $498,000 of existing authorized GO funding from the Park Land Improvements PROGRAM 17421, to the Warner Park Community Recreation Center Expansion PROJECT 17196. Recent estimates for the expansion indicate a potential $500,000 shortfall in construction funding due to continuing inflationary pressure. To ensure the project meets community and City goals, the reallocation provides sufficient support for the anticipated Public Works construction bidding in June this year.
No additional GO support is requested at this time. Additional TID 51-supported projects as recommended by the South Madison Plan will be identified in the 2024-2029 Capital Improvement Plan submission.
Title
Amending the 2023 Adopted Capital Budget for the Parks Division to authorize $2,665,000 in capital improvements for South Madison parks funded by incremental revenue proceeds from Tax Increment District (TID) No. 51; and to reallocate $498,000 in GO authority within the Parks Division’s 2023 Adopted Capital Budget to the Warner Park Community Recreation Center Expansion PROJECT 17196 (13th & 14th A.D.)
Body
WHEREAS, the TID #51 project plan and boundary was adopted by the City of Madison Common Council on March 10, 2023 (Legistar 75809); and
WHEREAS, the TID #51 project plan and boundary was approved by the TIF Review Board on March 17, 2023 (Legistar 75605); and
WHERAS, the proposed TID #51 plan includes $6,940.000.00 of funding for Park Land and Park Facili...
Click here for full text