City approves Cost Share Agreement with LAIC for Industrial Park improvments

The City of Madison will help fund improvements to the Lakeview Industrial Park, after approving a Cost Share Agreement during their meeting on Monday. In April of 2023 the City, on behalf of the Lake Area Improvement Corporation applied for and was awarded a grant for 80% of construction costs up to $3.4 million. 

The original project proposal extended Industry Avenue, created SE 16th Street from Industry Avenue to S Washington Avenue, and reconstructed S. Washington from the HWY 34 intersection to 12th Street SE.

In November of last year the LAIC approached the City regarding sharing costs on the project. 

The Mayor and City Commission expressed support for the project and in sharing costs at that time, but decided to refrain from action until all information was available.

City Administrator Jamison Bareth shared new updates on the project with the commission on Monday. 

Overall, the cost to the city is now $241,244, which is 61% less than was expected in November. That cost can be paid out over ten years. 

The LAIC will ask the County to approve a similar agreement today.