City of Madison
Legislative File ID   05380
Type:   Resolution    Status:   Passed
Enactment Date:   3/21/2007    Enactment No.:   RES-07-00319
Title:  
AMENDED SUBSTITUTE - Authorizing the Mayor and City Clerk to execute a development agreement to fund a $4,900,000 Tax Incremental Finance Loan to Union Corners, LLC ("Developer") in the development of the first phase of a mixed-use redevelopment project (Union Corners) located in the former Rayovac site, roughly bounded by East Washington Avenue, Winnebago and Milwaukee Streets in the proposed TID #37 (Union Corners) and making exceptions to TIF Policy 4(e) concerning the 50% Rule and 3.1(i) Equity Participation Payment formula.
Controlling Body:   Attorney's Office/Approval Group
Introduced:   1/10/2007    Version:   3
Final Action:   3/20/2007    Contact:   Jennifer Stoiber 608-266-6505
Name:  
SUBSTITUTE. Development agreement to fund a TIF Loan to Union Corners LLC for the redevelopment of the former Rayovac site in the proposed TID #37 (Union Corners)
Extra Date 1:  
Requester:   BOARD OF ESTIMATES
Sponsors:  
David J. Cieslewicz, Judy K. Olson
Legislative History
DateActing BodyAction TakenMotion
1/10/2007Community and Economic Development UnitFiscal Note Required / Approval to the Comptroller's Office/Approval Group Completed on 1/24/2007
1/10/2007Comptroller's Office/Approval GroupFiscal Note Pending to the Community and Economic Development Unit Completed on 1/10/2007
Notes: Bohrod
1/10/2007Community and Economic Development UnitReferred for Introduction
Notes: Board of Estimates, Comptroller (for fiscal note)
1/16/2007COMMON COUNCILRefer to the BOARD OF ESTIMATES Completed on 1/29/2007
1/16/2007BOARD OF ESTIMATESFiscal Note Required / Approval to the Comptroller's Office/Approval Group Completed on 1/24/2007
1/24/2007Comptroller's Office/Approval GroupApproved Fiscal Note By The Comptroller's Office (AFTER CC INTRO) to the BOARD OF ESTIMATES Completed on 1/24/2007
Notes: Brasser
1/29/2007BOARD OF ESTIMATESA motion was made by Brandon, seconded by Bruer, to Refer to the BOARD OF ESTIMATES and direct the TIF policy committee to develop a policy regarding how to calculate the equity kicker. The motion passed by acclamation.Pass
3/8/2007Community and Economic Development UnitFiscal Note Required / Approval to the Comptroller's Office/Approval Group Completed on 3/9/2007
Notes: Please review and send back to Board of Estimates.
3/9/2007Comptroller's Office/Approval GroupApproved Fiscal Note By The Comptroller's Office (SUBSTITUTES) to the BOARD OF ESTIMATES Completed on 3/9/2007
Notes: Brasser
3/12/2007BOARD OF ESTIMATESA motion was made by Olson, seconded by Benford, to RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER. The motion passed by acclamation.Pass
3/20/2007COMMON COUNCILA motion was made by Ald. Olson, seconded by Ald. Verveer, to Adopt With Amendment(s) as follows: add "(as currently defined)" after "return on investment" throughout the resolution. The motion passed by the following vote:Pass
(16:1)
Notes: 2 Registrant(s) in support wishing to speak; 2 Registrant(s) in support not wishing to speak.
3/20/2007COMMON COUNCILA motion was made by Ald. Konkel, seconded by Ald. Webber, to Table. The motion failed by the following vote:Fail
(1:16)
3/20/2007COMMON COUNCILA motion was made by Ald. Van Rooy, seconded by Ald. Verveer, to Move the Previous Question. The motion failed by the following vote:Fail
(9:7)

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