Fiscal Note
No additional City appropriation is required for the proposed resolution. $500,000 was authorized in 2021 by the Common Council through RES-21-00487 (File ID 65935). Additional funding is available through the 2022 EDD Capital Budget (SBER, MUNIS 13072) and the 2022 TID 50 State and Lake Capital Budget (MUNIS 99012).
Title
Approving the Building Improvement Grant Program, authorizing Economic Development staff to manage and market the program to independent business owners consistent with approved program guidelines, and authorizing the Mayor and City Clerk to sign grant agreements with the selected business owners.
Body
WHEREAS, on July 6, 2021, The Common Council adopted RES-21-00487, accepting and allocating American Rescue Plan Act, State and Local Fiscal Recovery Funds for the City of Madison; and,
WHEREAS, within that adopted resolution, $500,000 was approved to support a Building Improvement Grant Program; and,
WHEREAS, on July 20, 2021, The Council accepted the “report on the criteria and processes for allocating American Rescue Plan Act (ARPA) funding appropriated in the 2021 budget” provided in Legislative File #66453; and,
WHEREAS, within that report (on page 18), the context and use of the ARPA funding for the Business Improvement Grant is outlined; and,
WHEREAS, additional funding is available for the Building Improvement Grant Program through the 2022 Economic Development Division Capital Budget, Small Business Equity and Recovery Program (Project #13072); and,
WHEREAS, Tax incremental financing (TIF) may be available for this program to eligible business owners in geographic locations eligible for TIF financing, and subject to additional approvals under Wis. Stat §66.1105; and,
WHEREAS, the 2022 TID 50 State and Lake Capital Budget (Project #99012) includes funding for the Building Improvement Grant Program; and,
WHEREAS, the Building Improvement Grant program will provide funds to business owners (tenants or landlords) of up to $50,000 for building improvements; and,
WHEREAS, business owners receiving grants under this program funded with ARPA Local fiscal recovery funds are considered “beneficiaries” of federal funding, and will sign an agreement and provide data to OBR if required by federal regulation and US Treasury Guidance for beneficiaries; and,
WHEREAS, business owners receiving funding under this program through TIF will sign a similar agreement consistent with all applicable requirements for the use of TIF funding; and,
WHEREAS, the City of Madison is committed to racial and economic justice and the Office of Business Resources performed and made adjustments to the Program guidelines based on a Racial Equity and Social Justice analysis of the draft guidelines which included recommendations by staff and community members.
NOW, THEREFORE, BE IT RESOLVED the Common Council approves the Building Improvement Grant Program, authorizes Economic Development staff to manage and market the program to current and future independent business owners consistent the approved program guidelines and recommend the grantees who meet the program guidelines to the Director of the Department of Planning, Community and Economic Development; and,
BE IT FURTHER RESOLVED that the DPCED Director shall select and approve grantees based on the program guidelines; and,
BE IT FURTHER RESOLVED that depending on the source of funding and dollar amount, City staff is authorized to issue a Purchase Order; or, the Mayor and City Clerk are hereby authorized to execute a grant agreements and/or any other documents as may be necessary to effectuate the transaction with selected grantees, in an amount not to exceed $50,000 per grantee, in a form approved by the City Attorney; and,
BE IT FINALLY RESOLVED that the Common Council authorizes the continuation of the Building Improvement Grant Program as described herein for the eligible duration of the City’s ARPA State and Local Fiscal Recovery funding, or subject to availability and appropriation of other funding, including tax incremental financing in the budget for this program.