Redevelopment Commission: bond closing imminent; housing, riverfront rezoning and apartment project moving forward

City staff told the Madison City Redevelopment Commission at its June meeting that bond documents have been signed and bond proceeds will be deposited into RDC accounts this week, and that the incoming cash will appear in the commission’s financial statements next month.

Staff presented several project updates tied to the commission’s financial outlook: the city expects to accept bids and go to bid for Welch Park this fall; a multi-building apartment site has plumbing roughed in and wood framing is beginning, and the developer plans a website with applications and three-dimensional views by late June or early July; the city is also pursuing rezoning for riverfront and downtown parcels and hopes to finalize economic development agreements (EDAs) for a hilltop single-family housing site within about 30 days, with additional EDAs by the third quarter if rezoning is approved.

Steinhart, the staff presenter, said, “We are closing on our bonds, this week, and so that will be money will be deposited into that account, so that will show up in the actual column, for that, next month.” He later described the apartment site schedule: “They have wood going up, so it should change pretty drastically here in the next 60 days on that site. ... They they will let us know when that is ready to go live so we can get the publicity out there for that.”

Staff said the city is continuing discussions with a potential developer for single-family housing on the hilltop and that economic development agreements are being drafted for commission consideration. Commissioners received the financial update and were told to expect a noticeably different cash position on next month’s statement once bond proceeds and June tax draws are posted.