Fiscal Note
The proposed resolution authorizes a loan of up to $43,000 to Solace Friends, Inc. to aid in financing exterior improvements to its facility at 4142 Monona Dr. The loan is part of the Community Facilities Loan (CFL) Program (2025 project #17913, capital program #13672), administered by the Community Development Division (CDD). CFL program guidelines establish up to 20% of project costs, not to exceed $400,000, given as a zero percent long-term deferred loan for acquisition and construction projects. Funding for the project described herein is available in CDD's 2025 Adopted Capital Budget ($1.0 million in General Fund-supported GO Borrowing). No additional City appropriation is required.
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Authorizing a loan of up to $43,000 to Solace Friends, Inc. from the Community Facilities Loan Program to help finance exterior improvements to its facility located at 4142 Monona Drive, Madison WI, and authorizing the Mayor and City Clerk to sign an agreement for that purpose (District 15).
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WHEREAS, the City of Madison’s Community Facilities Loan (CFL) Program provides low-cost financing to support non-residential development projects undertaken by non-profit organizations in the City of Madison that involve the acquisition of property or substantial expansion, redevelopment, improvement or rehabilitation of property the organizations currently own or lease; and,
WHEREAS, the City’s objective through the CFL Program is to create or improve safe, accessible, energy
efficient and well-maintained community and neighborhood facilities; and,
WHEREAS, Solace Friends, Inc. operates Solace Home, a 4-bed adult family home licensed by the Wisconsin Department of Health Services, which provides care to persons aged 18 and over experiencing the dual challenges of homelessness and terminal illness; and,
WHEREAS, Solace Friends, Inc. purchased property in August of 2022 and completed over $600,000 of renovations to make the internal space and access doors compliant with adult family home regulatory requirements; and,
WHEREAS, Solace Friends now seeks assistance through the CFL Program to help pay for about $90,000 of exterior improvements that include installing a fully accessible outdoor deck, adding fencing to address safety and privacy, and expanding and leveling the driveway area; and,
WHEREAS, as a non-profit organization that provides programming and services primarily to low- and moderate-income households, Solace Friends, Inc. meets the eligibility requirements of the CFL Program; and,
WHEREAS, Solace Friends, Inc. presents a total project budget of approximately $86,000 and the CFL
Program guidelines limit offers of financial assistance for improvements to properties owned by applicants to not more than the lesser of $300,000 or 50% of total eligible project costs; and,
WHEREAS, awards offered under the CFL Program are made in the form of a zero percent long-term deferred loan, repayable upon the sale or change of use of the property.
NOW, THEREFORE, BE IT RESOLVED, that the Common Council authorizes a loan of up to $43,000 loan from the Community Facilities Loan Program to Solace Friends, Inc. for planned improvements at 4142 Monona Drive, Madison; and,
BE IT FURTHER RESOLVED that the Council authorizes the Mayor and City Clerk to execute, deliver, publish, file and record such other documents, instruments, notices and records, and take such other actions as shall be deemed necessary or desirable to accomplish the purpose of this Resolution.