Dane County Awarded $1.2 Million Federal Loan for High Tech Business Park in Town of Madison
For more information contact:Sharyn Wisniewski (608) 267-8823
FOR IMMEDIATE RELEASE 6/24/2002Issued By: County ExecutiveView only releases from County Executive
Dane County Executive Kathleen Falk announced today that Dane County has been awarded a $1.2 million loan from the federal Department of Housing and Urban Development for a proposed high tech business park in the Town of Madison.
The Alexander Company, Madison, is developing the $30 million project at the site of a former 55-acre landfill at the corner of Rimrock and Badger Roads, south of the beltline in the Town of Madison.
“This project has the potential to bring jobs, clean up environmental contaminants, and attract New Economy businesses to an area of the county with low and moderate income citizens,” said Falk. “Due to the risks and added costs that make this project a challenge, it needs both public and private investment to help it succeed.”
Congresswoman Tammy Baldwin and Senators Herb Kohl and Russ Feingold worked with Falk in obtaining the loan. “I’m very grateful to our Congressional delegation for going to bat for us to help secure this loan,” said Falk.
Of the $1.2 million, $500,000 will create a loan pool for tenant improvements at the Novation Technology Campus to support job creation.
The remaining $700,000 would be loaned to the Town of Madison to fund building a bridge and extension of East Badger Road to make vacant infill sites accessible and suitable for commercial development. The new road would also make the Southdale neighborhood less isolated.
Construction of the road and bridge were priority items identified by citizens in the Town’s Neighborhood Revitalization Strategy. The Town of Madison has set up an environmental Tax Incremental Finance District for the Alexander development.
The first phase is scheduled to create 400,000 square feet of biotechnology, high technology, retail and professional businesses and a minimum of 75 jobs with a range of skill levels from entry-level to high-skilled technology positions, with the potential for more in the future.
Dane County also recently was awarded a $370,000 federal Economic Development Initiative (EDI) grant from HUD to be used to construct, equip and furnish a 2,700 square foot employment training center at the Novation Campus, operated by Madison Area Technical College. The Southdale branch of the Dane County Job Center will provide local residents with employment services and referrals to the training center and jobs.
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