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File #: 82890    Version: 1 Name: 12674 Truman Olson Grocery Lease and Budget Amendment
Type: Resolution Status: Passed
File created: 4/9/2024 In control: Economic Development Division
On agenda: 4/16/2024 Final action: 5/7/2024
Enactment date: 5/13/2024 Enactment #: RES-24-00315
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).
Sponsors: Tag Evers, Isadore Knox Jr., Marsha A. Rummel, Regina M. Vidaver, Satya V. Rhodes-Conway, Dina Nina Martinez-Rutherford, Nasra Wehelie, Sabrina V. Madison, Amani Latimer Burris
Attachments: 1. 12674 2024 Truman Olson Cost Increase and Funding Recovery Council Memo.pdf, 2. Registrants Report -- 050624.pdf, 3. File 82890 Reg Report.pdf
Related files: 63900, 66789, 76475
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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