k-12 tax & $pending climate: Sausage making with taxpayer funds
As part of the transfer, the state Transportation Department will issue an up-front payment of $37 million, which will be placed in a new city fund for future transportation projects. By vote of the City Council, $15 million of that payment will be earmarked to assist with the north-south bus rapid transit line planned to run along South Park Street.
Setting aside those dollars will also help the city in its efforts to receive federal funding for the larger bus rapid transit line from Fitchburg to Madison’s north side, Spieler said.
The state’s annual $300,000 connecting highway aid payments to the city will cease as part of the transfer agreement. Madison will also become ineligible for future state payments for reconstructing the highway.
The city could offset the loss of state funding with future federal funding. Park Street and other parts of U.S. 151 will become eligible for Surface Transportation Grant-Urban grants — a source of funds for existing city roadways — starting after a decade, Deputy City Engineer Chris Petykowski told the Finance Committee last week.
