HomeMy WebLinkAboutMadison School District Admin Property Presentation1
Madison School District Admin Property
Downtown Redevelopment
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Envision Madison
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Jobs and Economy –
Infill and Redevelopment -
“Enhance our downtown through investment, by
encouraging businesses to locate there, and by locating
student housing near the area.”
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City Center Vision 2050
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Objective 1.3 Create meaningful public spaces as well as gathering
places
•Action 2: The City should build public space within the City Center
to support events and public gatherings
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City Center Vision 2050
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Objective 1.5 Develop an overall parking strategy for the City Center
•Action 1: The City should conduct an assessment of parking in
the City Center. Identify current and future needs.
•Action 2: The City should develop a plan for parking. This plan
should address: parking signage, shared parking, parking
minimums, managed parking, developing a parking structure,
and parking authority.
•Action 3: The City should work with Urban Renewal and
community partners to build a parking structure.
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City Center Vision 2050
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Objective 2.2 Within the City Center, consolidate government
entities where possible
• Action 1: The City should partner with other public entities to
consolidate services into a joint use Administrative Building.
•Action 2: The City should sell public surplus land and buildings.
•Action 3: Public entities should be encouraged to consolidate
and sell excess land and buildings.
•Action 4: The City should make publicly owned (underutilized)
parcels available and sell at nonspeculative prices.
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City Center Vision 2050
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Objective 4.3 Reduce the number of tax-exempt properties in the
City Center
•Action 1: The City should encourage the relocation of low
intensity public uses and promote the consolidation of parking.
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Who is Interested
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1.General Public
2.City Officials
3.County Officials
4.Rexburg Urban Renewal Agency
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Why we are Interested
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The final year of the Downtown Revenue Allocation Area of
the Rexburg Urban Renewal (Downtown District) is 2027,
with the final funding occurring in 2028, meaning that the
window for Urban Renewal involvement is closing soon
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Why we are Interested
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Initial Proposal
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Madison County-Land for Future Municipal Building $ 650,000
City of Rexburg-Land for Future Municipal Building $ 650,000
Urban Renewal (URA)-Parking Garage Land $ 1,354,000
Urban Renewal (URA)-Land for Redevelopment $ 4,346,000
Offer $ 7,000,000
Split Cost of Demolition (the district's contribution
will be capped at $500,000); the current of estimate
of the cost of demolition is $950,000 $ 475,000
Estimated Net Offer $ 6,525,000