Below are the specifics of some of the proposed cuts to the Capital budget and how much it would save you as a taxpayer. The question is, is it worth it?
The numbers below are based on the savings on the average price of a Madison home which is up $16,521 from $222,928 last year. This year the average price of a home is $239,449.
Amendment #3. Bus Shelter – Won’t save anything on your tax bill but will save $70,000.00 in TIF funds
The Capitol Concourse Bus Shelter Replacement project involves replacement of the seven existing bus shelters around the Capitol Concourse with five new shelters. Four shelters were budgeted for in 2006. This project funds the fifth shelter. Funding is from TID 25.
These costs include demolition, electrical and plumbing work in addition to labor and materials for building a new shelter
Amendment #4. State St. Streetscape – We already authorized borrowing $150,000.00 in 2006 however, the project was not completed in 2006. Additionally, the $150,000 we borrow will be leveraged by $525,000 in funding from TIF. This project total cost is $675,000. Cutting this will prevent us from spending $675,000 but will only save $19,426.00 per year for the next 10 year, or $.24 on the average home.
The Capitol Square Streetscape Updates project involves the replacement of built-in benches with benches of the same style being installed on State Street, the completion of granite curbing around planter areas, the replacement of brick pavers with exposed aggregate concrete, the replacement of existing kiosks, and other streetscape amenities. It also includes a test area in 2007 for the replacement of pedestrian lighting with the State Street style lights, and streetlights with the West Washington Avenue style lights. Funding sources include $175,000 from TID #23, $175,000 from TID #25, and $175,000 from TID #28. General Obligation borrowing of $150,000 is reauthorized from 2006.
Amendment #6. Railroad Crossings – This would save $900,000 in borrowing or $116,554 in the operating budget or $1.42 on the average home. However, this money is reimbursable by TIF.
This project will repair deteriorated railroad crossings by funding crossing repair outside of the railroads area of responsibility. The project will also fund upgrades to increase motor vehicle safety at railroad crossings. Funds in 2007 will be used to upgrade at-grade railroad crossings on the near east side located within TID # 37. Those crossings include Winnebago Street, Division St, Second St, and Fourth St. Funds in 2008 include Cory St, Waubesa St and S Fair Oaks Ave. G.O. funding of $900,000 is reimbursable from TID #37.
Amendment #7. James Madison Park Improvements – This money would only be spent if houses and/or land are sold in James Madison Park. This cuts $1,200,000.00 in improvements in the prk. This would then be applied the operating budget and would save $14.66 on the average for one year.
This project provides for improvements at James Madison Park. A detailed master plan will be developed for the park, and may include many of the following components: grading and restoration of house sites ($55,000); garden, terrace and accessible paths ($170,000); parking, lighting, and public art ($300,000); lakeshore pier ($35,000); lakeshore staircase and gazebo ($150,000); playground and shelter furnishings ($55,000); irrigation, signage, bocce, horseshoe, and exercise areas ($210,000); relocation of basketball courts ($100,000); and major shelter renovation for restaurant-concession ($150,000). Costs of $1,200,000 are to be entirely offset by land and property sales at the park. Other funding consists of land and property sales revenue.
Amendment #8. State St. Ramp – This saves $300,000.00 in borrowing out of the Parking Utility, however, since it is Parking Utility money, it saves you nothing on your tax bill.
$3 million in funding is for a scaled back project to provide an affordable, simple two-story ramp. This will almost double the capacity of the current lot, responding to a decades-long concern for State Street businesses while improving the aesthetics of the site. However, if a mixed-use plan is brought forward that could be developed without creating the need for a parking rate increase, and within City TIF policy guidelines, these funds could be used for that project instead.
Amendment #9. Allied Terrace – Saves $500,000.00 in borrowing so impacts the operating budget by $64,752.00. This will save $0.79 on the average home.
Reauthorization of a project to eliminate blighting influences, promote housing
redevelopment, stimulate desired land uses, upgrade public improvements and revitalize the area, generally bounded by the West Beltline Highway, former Illinois Central RR (now WI DOT) right-of-way, the former Chicago & Northwestern RR (now the Union Pacific) right-ofway, the City limits of Madison and Fitchburg and a property line 150 feet west of and parallel to Helene Parkway. Funding in 2007 will be used for the redevelopment of City-owned properties in Allied. Funding in 2008 will be used for property acquisition of a building and relocation of the tenant to extend Atticus Way from its present terminus through to Red Arrow Drive.
Amendment #10. East Isthmus Arts Incubator – This saves borrowing of $70,000.00 and impacts the operating budget by $9,065.00. This will save $0.11 on the average home.
This money is reauthorized from 2006.
Reauthorization of projects approved in the 2006 budget. These projects provide long-term deferred payment loans to non-profit agencies to acquire, construct, or renovate facilities that will serve as public resources and generate positive neighborhood effects in those neighborhoods that address the Mayor’s neighborhood or economic development goals. Funding includes $300,000 in reauthorized General Obligation debt and $300,000 in Federal funds for the second phase of the Wexford Neighborhood Center project, and $70,000 in reauthorized GO debt for the East Isthmus Arts Incubator project. Funding of $650,000 in 2008 is for the renovation of the Atwood/Kupfer Ironworks for a neighborhood center and
adjacent gymnasium.
Amendment #11. TIF 10% set aside – This funding is for possible TIF projects that want to include affordable housing. In the past, projects have come forward, but we haven’t had a budget for them. This would save $300,000.00 in borrowing and save $38,851.00 in the operating budget, or $0.47 on the average home.
The Council adopted a method to promote affordable housing within TIF districts that reserves 10% of the estimated increment for projects selected through a separate decision process which includes neighborhood representation and Council oversight.
Amendment # 12. Badger-Ann-Park & Todd Dr – This saves $1,700,000.00 in borrowing and saves $220,158.00 in the operating budget. This saves the taxpayer $2.69.
The project is for the implementation of a variety of community, economic, development, and housing activities in the Bader-Ann-Park and Todd-Beltline areas in conjunction with the Park Street planning effort and South Madison neighborhood plan. Priority projects will be or have been identified by the Badger-Ann-Park Street Redevelopment Committee.
TOTAL:
Saves $3,990,000 in borrowing.
Saves $1,668,806 in the operating budget
Saves the taxpayer $20.39.
