Fiscal Note
The proposed resolution would amend the Economic Development Division’s (EDD) 2024 Adopted Capital Budget to add $1.0 million in General Fund-supported GO Borrowing to fund cost increases to tenant improvements for the Unit 2 Grocery Condominium at 1402 S. Park St (Truman Olson Grocery Development, Munis project 13850).
The project currently has $8.2 million in General Fund-supported GO Borrowing:
· An amendment to EDD's 2021 Adopted Capital Budget (Legistar #66789, RES-21-00614) authorized $4.6 million in General Fund-supported GO Borrowing required to purchase the Unit 2 Grocery Condominium.
· EDD's 2023 Adopted Capital Budget (Legistar #76475, RES-23-00223) authorized $3.5 million in General Fund-supported GO Borrowing for tenant improvements in Unit 2.
Title
Amending the Economic Development Division Capital Budget to authorize an additional $1.0 million in General Fund-supported GO Borrowing for tenant improvements for the lease of Unit 2 of the Fourteen02 Park Condominium as part of the Truman Olson redevelopment and authorizing an amendment to the lease with Maurer’s Urban Market as grocery operator, and the execution of documents related to the provision of electric service to Unit 2 of the Fourteen02 Park Condominium, construction of grocery, and tenant improvements, the execution of condominium documents for the Project and appointing the Economic Development Division Director (District 13).
Body
WHEREAS, the City of Madison is committed to ensuring healthy food access to all residents; and
WHEREAS, South Madison is facing the loss of the only full service grocery store that currently serves this neighborhood; and
WHEREAS, the City seeks to ensure that South Madison has continued access to a full service grocery store so as to avoid the creation of a food desert; and
WHEREAS, the City previously acquired the former Truman Olson Army Reserve property located at 815 Cedar St (the “Property”); and
WHEREAS, the City of Madison Com...
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