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,
WHER...
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