City of Madison - File #: 03681

• File #: 03681
• Version: 1
• Name: Satisfaction of MDC Mifflin Street mortgages and a new mortgage on recalculated amount.
• Type: Resolution
• Status: Passed
• File created: 5/10/2006
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 6/6/2006
• Final action: 6/6/2006
• Enactment date: 6/15/2006
• Enactment #: RES-06-00529
• Title: Authorizing the satisfaction of existing mortgages on Madison Development Corporation Mifflin Street properties, and the taking of a new mortgage on the same properties at a recalculated amount in order to facilitate the redevelopment of the property and the construction of additional affordable housing in ways that address City Community and Neighborhood Development Objectives.
• Sponsors: Cindy Thomas, Austin W. King, Santiago Rosas

Date	Ver.	Action By	Action	Result
6/6/2006	1	COMMON COUNCIL	Adopt	Pass
5/22/2006	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
5/16/2006	1	COMMON COUNCIL	Refer
5/10/2006	1	CDBG Office	Fiscal Note Required / Approval
5/10/2006	1	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office
5/10/2006	1	CDBG Office	Referred for Introduction
5/4/2006	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval	Pass

Fiscal Note
The City currently holds two mortgages on these properties for a total of $82,260 or a percentage of the appraised value due on sale, whichever is greater. This resolution would recalculate the dollar amount and percentage of value, based on MDC redevelopment of the properties and the provision of 4 additional housing units. The dollar value for the new loan would be $168,545, or approximately 16.85% of the properties when completed. The source of the original funds are CDBG funds.
Title
Authorizing the satisfaction of existing mortgages on Madison Development Corporation Mifflin Street properties, and the taking of a new mortgage on the same properties at a recalculated amount in order to facilitate the redevelopment of the property and the construction of additional affordable housing in ways that address City Community and Neighborhood Development Objectives.
Body
AGENCY:
Madison Development Corporation is a community-based agency established by the City of Madison to promote housing and economic development community-wide. Over the last twenty-six years, MDC has acquired, renovated, and managed over 150 units of affordable housing, developed an effective business loan program, and fostered other innovative projects such as the creation of the Madison Capital Corporation that served as the forerunner of Venture Investors of Wisconsin. Their housing experience includes the renovation of the Bassett Warehouse building, the management of a portion of the former MMHA properties, and various financing programs related to homeownership.
PROJECT:
The City provided Madison Development Corporation with $82,260 to help purchase and renovate properties at 437-39 and 441-43 West Mifflin Street several years ago. MDC has received preliminary Common Council land use approval to join the two lots into a PUD, demolish one building, and construct 6 units for a new total of eight on the joined lots. Six of the units will be rented at affordable rents. In ...