City of Madison - File #: 77544

• File #: 77544
• Version: 1
• Name: Approving a loan of up to $87,000 to YWCA Madison, Inc. from the Community Facilities Loan Program to help finance the rehabilitation of programming space at the Empowerment Center located at 2040 S. Park Street, and authorizing the Mayor and City Clerk t
• Type: Resolution
• Status: Passed
• File created: 4/26/2023
• In control: Community Development Division
• On agenda: 5/16/2023
• Final action: 6/6/2023
• Enactment date: 6/12/2023
• Enactment #: RES-23-00411
• Title: Approving a loan of up to $87,000 to YWCA Madison, Inc. from the Community Facilities Loan Program to help finance the rehabilitation of programming space at the Empowerment Center located at 2040 S. Park Street, and authorizing the Mayor and City Clerk to sign an agreement for that purpose.
• Sponsors: Satya V. Rhodes-Conway, Nikki Conklin, Dina Nina Martinez-Rutherford, Kristen Slack, Isadore Knox Jr., Derek Field, Amani Latimer Burris

Date	Ver.	Action By	Action	Result
6/6/2023	1	COMMON COUNCIL	Adopt	Pass
6/1/2023	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Fail
5/22/2023	1	FINANCE COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
5/16/2023	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Refer
5/16/2023	1	COMMON COUNCIL	Refer	Pass
4/26/2023	1	Community Development Division	Referred for Introduction

Fiscal Note
The proposed resolution would authorize an $87,000 loan to YWCA Madison, Inc. from the Community Facilities Loan (CFL) Program. The CFL program was established in the Community Development Division’s (CDD) 2022 Capital Budget, which allocated $1 million in GO Borrowing to support smaller capital projects proposed by non-profit partners to meet facility needs. No funds were expended in 2022, and the unused appropriation was reauthorized in the 2023 budget.
Since the program was established, CDD has developed CFL program guidelines and an application process for acquisition and construction loans, improvement loans, and leasehold improvement loans. The program guidelines for improvement loans set a maximum loan amount of the lesser of $300,000 or 50% of total eligible project costs, in the form of a zero percent long-term deferred loan. As of April 25, 2023, two CFL loans have been approved by the Common Council. One loan was for $400,000 (RES-23-00125, File 75563) and the second was for $68,000 (RES-23-00191, File 76394) leaving $532,000 remaining in the CFL program budget, in City GO Borrowing, to support requests from other applicants. If this resolution is adopted, there would be $445,000 remaining in the CFL program budget to support requests from other applicants. No additional City appropriation would be required.

Title
Approving a loan of up to $87,000 to YWCA Madison, Inc. from the Community Facilities Loan Program to help finance the rehabilitation of programming space at the Empowerment Center located at 2040 S. Park Street, and authorizing the Mayor and City Clerk to sign an agreement for that purpose.
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 ...