Fact Sheet:
1. Redeveloping the parking lot would shift land use from parking spaces to activities which employ more workers and yield higher tax revenues. It is estimated that the sale of the lot could net the State from $10-15 million dollars in revenue.
2. Redevelopment will reduce the state’s financial burden – it currently spends up to $80,000 annually on repair and maintenance of the lot.
3. Redevelopment would add new properties to the city’s property tax base, adding up to $1 million annually to the city in new property tax revenues.
4. New residential development would add new customers to adjacent stores and restaurants, increasing revenues for employers and more jobs for residents in the area.
5. Reducing the size and number of parking spaces at the location would help improve urban design and create and neighborhood which is more walk, bike and transit friendly.
6. Providing transit passes to State employees creates and incentive to reduce dependency on car travel and will result in fewer commuters choosing to drive to work. This could reduce traffic congestion, air pollution and energy consumption. The transit passes would constitute a transportation benefit that is significantly less than the parking benefits currently provided.
7. Redeveloping the land sustainably would prevent surface water and associated pollutant runoff into Madison’s lakes. It would also help reduce flooding at stressed intersections on University Avenue.
8. If the Department of Transportation chooses to take lead in redeveloping their site sustainably, it will serve as an incentive for other local businesses and state agencies to follow suit and encourage transit, walking and biking amongst their employees.