Fiscal Note
The proposed resolution authorizes a loan of up to $400,000 to MTZ Charitable Organization, Inc. to aid in construction of a building at 2019 Fisher St. The loan is part of the Community Facilities Loan (CFL) Program (2026 project #18013, 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 or construction loans. Funding for the project described herein is available in CDD's 2026 Adopted Capital Budget ($1.0 million in General Fund-supported GO Borrowing). Previously authorized CFL loans in 2026 total $400,000 (see RES-26-00066 and RES-26-00107). No additional City appropriation is required.
Title
Approving a loan of up to $400,000 to MTZ Charitable Organization, Inc., or an affiliate LLC, from the Community Facilities Loan Program to help finance the construction of The Family Life Center to be located at 2019 Fisher Street; and authorizing the Mayor and City Clerk to sign an agreement for that purpose. (District 14)
Body
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, MTZ Charitable Organization, Inc. has applied to the CFL Program for assistance to help build The Family Life Center at 2019 Fisher Street which will provide a comprehensive community resource that addresses the educational, physical, emotional, and basic needs of neighborhood residents; and,
WHEREAS, The Family Life Center will feature an academic learning center, behavioral health clinic, food pantry, and spaces for programming designed to promote healthy aging, wellness, fitness and training; and,
WHEREAS, per the CFL Program guidelines, MTZ Charitable Organization, Inc. intends for programming at the community facility to primarily serve low-income households, and will meet all other eligibility requirements of the CFL Program; and,
WHEREAS, MTZ Charitable, Inc. presents a total project budget of $8,900,000 for which the CFL Program can offer financial assistance of up to the lesser of $400,000 or 50% of total eligible projects costs; and,
WHEREAS, funds under the CFL Program are offered to awardees 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 $400,000 from the Community Facilities Loan Program to MTZ Charitable Organization, Inc. for the construction of The Family Life Center located at 2019 Fisher Street, 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 intent of this Resolution, and to comply with and perform the obligations of the City.