Fiscal Note
The proposed resolution authorizes a loan of up to $400,000 to Eastmorland Community Center to aid in financing the construction of a new community center at 3565 Tulane Ave. 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.
Title
Approving a loan of up to $400,000 to Eastmorland Community Center, or an affiliate LLC, from the Community Facilities Loan Program to help finance the construction of a new community center to be located at 3565 Tulane Avenue and authorizing the Mayor and City Clerk to sign an agreement for that purpose (District 15).
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, Eastmorland Community Center (ECC) has applied to the CFL Program for assistance to help build a new community center at 3565 Tulane Avenue which will provide a home for programming that supports the wellbeing of neighborhood residents by creating a hub for community building, engagement and resources; and,
WHEREAS, per the CFL Program guidelines, ECC intends to provide...
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