Fiscal Note
The proposed resolution authorizes a loan of up to $80,000 to FNB Properties, LLC from the Community Development Division's (CDD) Child Care Facilities Loan Program (Munis program 14969 / 2025 project 17912). CDD’s 2025 Adopted Capital Budget authorized $250,000 for the program in 2025. If approved by the Council, this loan would be funded by budget carried forward from 2025. No additional City appropriation is required.
Title
Approving a loan of up to $80,000 from the Community Development Division’s Child Care Facilities Loan Program to FNB Properties, LLC to help finance building improvements at a property, located at 4657 Verona Road, necessary to develop space useable for childcare programming; and authorizing the Mayor and City Clerk to enter into agreements with that organization to support the specified project. (District 10)
Body
Background
The City of Madison’s 2025 Adopted Capital Budget authorized up to $250,000 for the Community Development Division’s Child Care Facilities Loan Program to support efforts to establish, expand or sustain spaces for local childcare providers, particularly in areas of the City where childcare is relatively scarce. The Program makes funds available to non-profit or for-profit entities looking to establish or expand a regulated group childcare program.
Action
WHEREAS, the City of Madison’s 2025 Adopted Capital Budget authorized $250,000 to support the Community Development Division’s Child Care Facilities Loan Program; and,
WHEREAS, the Child Care Facilities Loan Program provides low-cost financing to support non-residential development projects that involve the acquisition of property, or substantial expansion, improvement, or rehabilitation of property an organization currently owns or leases for use for childcare programming; and,
WHEREAS, the City’s objective through the Child Care Facilities Loan Program is to create or expand resident access to high-quality childcare and increase the available sup...
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