Fiscal Note
The proposed resolution authorizes a loan of up to $80,000 to Monona Grove Nursery School through the Community Development Division's (CDD) Child Care Facilities Loan Program (Munis program 14969/2024 project 14970). The 2024 and 2025 Adopted Capital Budgets authorized $250,000 annually for the program in 2024 and 2025. Approval of this resolution would draw on funds authorized for 2024. 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 Monona Grove Nursery School for use in developing new child care space, and authorizing the Mayor and City Clerk to enter into agreements with that agency to complete the specified project. (District 15)
Body
Background
The City of Madison’s 2025 Adopted Capital Budget authorizes up to $250,000 for the Child Care Facilities Loan Program to support local childcare providers’ efforts to establish, expand or sustain their programs, particularly within parts of the City where childcare is scarce. The Program makes funds available to non-profit or for-profit agencies, as well as individuals, looking to establish or expand a regulated group childcare program,
Action
WHEREAS, the City of Madison’s 2025 Adopted Capital Budget includes $250,000 to support the 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, redevelopment, improvement, or rehabilitation of property an organization currently owns or leases for use for a childcare program; and,
WHEREAS, funds are available to non-profit or for-profit entities and individuals looking to establish or expand a regulated group childcare program, particularly in areas of the City where childcare is scarce; and,
WHEREAS, funds under the Child Care Facilities Loan Program are offered...
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