Greater Madison Chamber of Commerce: Chamber supports Block 100 Foundation Project set to transform downtown Madison

Philanthropic Gift Projected to Bring Nearly 200 New Jobs, $1 Million Increase to Tax Base and Ongoing Revenue Stream for Overture Center

(Madison, Feb. 27, 2012) – The Greater Madison Chamber of Commerce Board of Directors passed a resolution supporting the timely approval of the Block 100 Foundation Project. The project – completely funded by a philanthropic gift from Jerry Frautschi and Pleasant Rowland – goes far beyond transforming the 100 block of State Street and North Fairchild Street.

The Block 100 Foundation Project is anticipated to:

* Add new jobs: Nearly 125 jobs will be created in addition to the 75 construction jobs.

* Increase the tax base: More than $1 million will be added to the property tax roll.

* Financially support Overture Center: All net income from the new properties will be permanently gifted to the Overture Center.

* Remove risk to the city: No funding is required from the City of Madison.

* Preserve historical character of State Street: The Castle and Doyle Building will be restored as one of the many ways to keep the scale and architectural context of State Street intact.

* Invigorate a pivotal city block: Vibrant businesses, housing and a public plaza will increase the appeal and usage of downtown.

“The Block 100 Foundation Project is a unique financial gift from two people who are once again demonstrating their commitment to the future of Madison,” says Jennifer Alexander, President of the Greater Madison Chamber of Commerce. “The project carefully balances historic preservation with viable economic development to reshape an essential city block. This would not be possible using a traditional, for-profit model.”

The Block 100 Foundation Project is on tonight’s agenda for the Landmarks Commission Meeting.

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Contact:

Jo-ell Carson, Communications Director

jcarson@greatermadisonchamber.com

Office: 608-443-1952