Findorff, ULI to pay $400K fine/gift to city

J. H. Findorff & Son Inc. and Urban Land Interests will pay the City of Madison $400,000, in part because they failed to meet subcontracting requirements relating to the redevelopment of the 25 W. Main St. building on the Capitol Square.

The city has been requiring companies that receive tax incremental financing support to meet small business enterprise (SBE) goals, but the tight labor market made it difficult to find SBE subcontractors.

According to a Wisconsin State Journal report, the money — partly fine, partly a gift to the city — will be directed toward city initiatives for small, minority- and women-owned businesses.