Alder Chris Schmidt
210 Martin Luther King, Jr. Blvd
Madison, WI 53703
Phone: (608) 266-4071
Fax: (608) 267-8669
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Quick look at Judge Doyle Square RFP responses
I could write quite a bit about the history of this project, but the shortest form is that this started as replacing the Government East (GE) parking ramp, with the Transit and Parking Commission (TPC) recommending in 2009 or so that the structure be built 2-3 levels underground with large floor plates, and the air rights above sold for development. It took on a life of its own after that, with various iterations defined by shifting priorities and the high speed rail station that was intended to go across the street.
Tonight, Monday, May 11, 2015, the Board of Estimates will consider forwarding a recommendation to the Council to accept the proposal from JDS Development LLC, which includes the headquarters for Exact Sciences. The initial reporting on the four RFP responses the City received did not compare apples to apples because the proposals themselves presented information differently. I've attempted to provide some comparison of certain key items below, which I initially assembled for my own edification.
The proposals can be found here:
It is important to note the following:
- The structure of financing for the City's contribution is ultimately up to the Common Council, so the total dollar amount is more important than what the developer has listed as the TIF contribution versus other sources.
- As with any negotiation, these numbers and project details will change to some extent no matter which team is selected.
- This is not a financial analysis.
- This does not look at details of the hotel or other residential and commercial uses.
- I did not assess whether all of the costs assigned to TIF by the developers were TIF eligible. Parking, whether it is public or private, is TIF eligible.
- Beitler included MMB renovation in their project proposal, I removed that cost.
- There maybe be mistakes, if I learn of any I will correct them.
Beitler Real Estate Services Joint Venture:
City financial contribution (sources): 36m (TBD by City)
Parking (ownership): 983 stalls (677 Parking Utility, 306 private)
Hotel: 300 rooms
Notes: Demolition and other civic uses are apparently not included in costs
JDS Development LLC:
City financial contribution (sources): $55.6m to $65.5m (TBD by City with $45.3m to $54.1m for parking, remainder for "civic core")
Parking (ownership): 1410-1540 stalls (Parking Utility)
Hotel: 210-250 rooms
Notes: Bike center and the "civic core" (Galleria, Food Hall, Conference Center, Health and Wellness Center, related amenities and infrastructure) are included in the non-parking City contribution
Doyle Square Development, LLC:
City financial contribution (sources): $30m ($17.5m Parking Utility reserves, $12.5m TIF)
Parking (ownership): 1302 stalls (600 Parking Utility, 702 private)
Hotel: 257 rooms
Notes: Demolition and the bike center not included in costs
Vermillion Enterprises, LLC:
City financial contribution (sources): $53.2m ($22m Parking Utility, $31.2m TIF)
Parking (ownership): 1055 stalls (Unclear it if is to be owned by the Parking Utility)
Hotel: 282 rooms
Notes: Bike center cost included in City contribution, the demolition costs are part of the project costs
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