Fiscal Note
This resolution would authorize the expenditure of $150,000 in the 2014 Capital Budget. The proposed project is located within the boundaries of Tax Incremental District (TID) 35 that currently demonstrates a positive balance of excess tax increment sufficient to fund the Supplemental TIF Loan to Borrower. The Supplemental TIF Loan would be funded from $500,000 authorized in the 2014 Capital Budget as Small Cap TIF Loans for the purpose of stabilizing housing in the area (see the 2014 capital budget of the Planning and Community and Economic Development agency, Project No. 30, "TID 35 - Todd Drive/West Beltline," Acc't No. 823501) thus requiring an amendment to the 2014 Capital Budget. The City’s loan would be funded from excess tax increment revenue that has accrued in the TID. The TIF Loan represents approximately 3% of repaid tax increments generated by Borrower from the Arbor Gate Project. The Arbor Gate project initially received 47% of the present value of tax incremental revenues, such that the Supplemental TIF Loan would increase total TIF assistance to 50%. In addition, the TIF Loan is contingent upon the Project and Child Care Project attracting at least $150,000 of charitable donations and grants to pay the balance of construction cost.
Title
Authorizing the Mayor and City Clerk to execute a development agreement to fund a $150,000 Tax Incremental Finance Loan to Arbor Gate Development, LLC to assist in the development of 7,800 square foot child care facility at 2821 Todd Drive in TID #35 (Todd Drive) to be operated by Dane County Parent Council, Inc. and amending capital project No. 30 ("Tid 35 - Todd Drive/West Beltline") of the Planning and Community and Economic Development agency.
Body
WHEREAS, the City of Madison has, by adoption on July 5, 2005 of RES-05-00580 File ID Number 01262, created the boundary and project plan for Tax Incremental District (TID) #35; and
WHEREAS the intent and purpose of the Project Plan, among other thi...
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