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Committee accepts Dane County grant and authorizes cost-sharing for Madison Lakeway causeway
Summary
The committee approved a cost-sharing agreement (Legistar 91,378) that will allow the city to receive $2,000,000 allocated by Dane County toward Madison Lakeway Community Causeway Improvements; staff said the project budget relies on $3,000,000 in private fundraising by August and cautioned that failure to raise those funds would require scaling back the project.
The City Finance Committee on Jan. 20 authorized a cost-sharing agreement to accept $2,000,000 from Dane County for the Madison Lakeway Community Causeway Improvements under Legistar 91,378.
City staff said the city currently has $10,000,000 identified in the capital budget (including TID 53, private contributions and impact fees). "The agreement that you see in front of you is the mechanism by which we'll receive the $2,000,000 that the Dane County had put in their capital budget to help fund this project," a staff member said. Staff said Madison Lakeway Partners have committed to raise $3,000,000 by August, the city's planned bid date, which together with county and city funds would bring the total project to about $12,000,000.
Staff warned there is no guarantee the private fundraising will materialize and said that if the $3,000,000 goal is not met "we're gonna have to scale back our scope of the project," the staff member said. Staff also referenced the attorney's office about whether the county contract would legally obligate the city to a $12 million project and stated their understanding that it does not obligate the city to that total.
With no objection, the committee recorded a unanimous vote to approve the cost-sharing agreement. Staff said the August fundraising deadline is linked to the city's planned bid schedule.
