City of Madison - File #: 78329

• File #: 78329
• Version: 1
• Name: 12483 - 1st Amendment to Lake Street Ramp Development Agreement
• Type: Resolution
• Status: Passed
• File created: 6/12/2023
• In control: FINANCE COMMITTEE
• On agenda: 7/11/2023
• Final action: 7/11/2023
• Enactment date: 7/14/2023
• Enactment #: RES-23-00488
• Title: Authorizing the Mayor and City Clerk to execute a First Amendment to Development Agreement with Mortenson Development, Inc, and its assigns, for the reconstruction of the Lake Street portion of the State Street Campus Garage at 415 N. Lake Street; and, approving a Memorandum of Understanding between Mortenson Development, Inc. and the University of Wisconsin - Madison regarding reduced-cost housing for students (2nd AD).
• Sponsors: Satya V. Rhodes-Conway, Juliana R. Bennett

Date	Ver.	Action By	Action	Result
7/11/2023	1	COMMON COUNCIL	Adopt	Pass
6/26/2023	1	FINANCE COMMITTEE
6/22/2023	1	JOINT CAMPUS AREA COMMITTEE	Return to Lead with the Following Recommendation(s)
6/21/2023	1	TRANSPORTATION COMMISSION	Return to Lead with the Recommendation for Common Council to Adopt	Pass
6/20/2023	1	FINANCE COMMITTEE	Referred
6/20/2023	1	FINANCE COMMITTEE	Referred
6/20/2023	1	COMMON COUNCIL	Referred
6/12/2023	1	Economic Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes the execution of a first amendment to the development agreement between the City and Mortenson Development, Inc., and its assigns for reconstruction of the Lake Street portion of the State Street Campus Garage. The 2023 Capital Budget includes $48m for the State Street Campus Garage Replacement (Munis project #14145) supported by $29.5m in Non-General Fund GO Borrowing and $18.5m in Parking Reserves. No additional City appropriation required.
Title
Authorizing the Mayor and City Clerk to execute a First Amendment to Development Agreement with Mortenson Development, Inc, and its assigns, for the reconstruction of the Lake Street portion of the State Street Campus Garage at 415 N. Lake Street; and, approving a Memorandum of Understanding between Mortenson Development, Inc. and the University of Wisconsin - Madison regarding reduced-cost housing for students (2nd AD).
Body
WHEREAS, the Madison Parking Utility is planning to reconstruct the Lake Street portion of the State Street Campus Garage at 415 N. Lake Street, and create an intercity bus terminal, as part of a larger mixed use development project; and,

WHEREAS, on April 26, 2021, the Common Council approved a resolution (RES-21-00295) establishing a process to select a development team to partner with on the development of the State Street Campus Garage Mixed Use Project; and,

WHEREAS, per the process outlined in RES-21-00295, upon review of submitted proposals, the Finance Committee directed staff to begin negotiating with Mortenson Development, Inc.; and,

WHEREAS, on December 6, 2022, the Common Council approved a resolution (RES-22-00832) authorizing the execution of a Development Agreement with Mortenson Development, Inc. for a public/private partnership for the redevelopment of the Lake Street portion of the State Street Campus Garage; and,

WHEREAS, that now executed Development Agreement directed further negotiation of key points of the partnership, ...