Fiscal Note
The proposed resolution authorizes a loan of up to $100,000 to Tellurian, Inc. to aid in building improvements at 702 W. Main 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 the lesser of $100,000 or 50% of total eligible project costs for agencies committed to leasing the space for at least 10 years. Funding for the project described herein is available in CDD's 2026 Adopted Capital Budget ($1.0 million in General Fund-supported GO Borrowing). No additional City appropriation is required.
Title
Authorizing a loan of up to $100,000 to Tellurian, Inc. from the Community Facilities Loan Program to help finance leasehold improvements and authorizing the Mayor and City Clerk to sign an agreement for that purpose (District 13).
Body
Action Items
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, Tellurian, Inc. offers programming and case management services focused on urgent behavioral health, substance use disorders, mental health, and housing support; and,
WHEREAS, Tellurian, Inc. seeks assistance through the CFL Program to help pay for building improvements that include converting space into a community based medication management clinic, office space for case managers (that previously worked at Williamson Street property), communal and individual space for client programming, and a nursing station to support a detox program; and,
WHEREAS, the new facility will enable Tellurian, Inc. to expand its comprehensive community based services and increase the number of individuals the agency is able to serve on a daily basis; and,
WHEREAS, as a non-profit organization that provides programming and services primarily to low- and moderate-income households, Tellurian, Inc. meets the eligibility requirements of the CFL Program; and,
WHEREAS, Tellurian, Inc. presents a total project budget of approximately $230,000 and the CFL Program guidelines offer financial assistance for leasehold improvements of up to the lesser of $100,000 or 50% of total eligible project costs for agencies committed to leasing the space for at least 10 years; and,
WHEREAS, awards offered under the CFL Program take the form of a zero percent forgivable loan, repayable upon a change of use or the termination of the lease contract prior to 10 years.
NOW, THEREFORE, BE IT RESOLVED, that the Common Council authorizes a loan of up to $100,000 from the Community Facilities Loan Program to Tellurian, Inc. for the planned leasehold improvements of property located at 702 West Main 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 purpose of this Resolution.