City of Madison - File #: 07141

• File #: 07141
• Version: 1
• Name: Amending the program boundary of the Madison Capital Revolving Fund (MCRF) loan program to include the corporate limit of the City of Madison.
• Type: Resolution
• Status: Passed
• File created: 7/31/2007
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 10/2/2007
• Final action: 10/2/2007
• Enactment date: 10/3/2007
• Enactment #: RES-07-01011
• Title: Amending the program boundary of the Madison Capital Revolving Fund (MCRF) loan program to include the corporate limit of the City of Madison.
• Sponsors: Tim Bruer, Zachariah Brandon

Date	Ver.	Action By	Action	Result
10/2/2007	1	COMMON COUNCIL	Adopt	Pass
9/24/2007	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
9/20/2007	1	COMMUNITY DEVELOPMENT AUTHORITY	Return to Lead with the Recommendation for Approval	Pass
8/7/2007	1	COMMON COUNCIL	Refer
8/7/2007	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
8/1/2007	1	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office
8/1/2007	1	Community and Economic Development Unit	Referred for Introduction
7/31/2007	1	Community and Economic Development Unit	Fiscal Note Required / Approval

Fiscal Note
No expenditure is required to implement the boundary amendment. The change will potentially result in an increase in the number of applicants eligible for a Capital Revolving Fund loan. Each loan requires approval of the Common Council.
Title
Amending the program boundary of the Madison Capital Revolving Fund (MCRF) loan program to include the corporate limit of the City of Madison.
Body
WHEREAS, on May 19, 1987, the Common Council of the City of Madison adopted Resolution No. 43,531, I.D. No. 645 creating a program boundary, objectives and criteria to implement a Madison Capital Revolving Fund (MCRF) loan program to be administered by the Community Development Authority (CDA) to encourage business development and eliminate blighted properties within specific geographic areas within the City of Madison (see attached map); and

WHEREAS, the City of Madison authorized funding to create the MCRF program such that revolving principal and interest payments of loans authorized by the City of Madison and administered by the CDA would replenish the fund over time; and

WHEREAS, on September 19, 2000, the Common Council of the City of Madison adopted Resolution No. 57625, ID No. 28210 to accept the report of the CDA that amended the original policy objectives the following objectives for the program:

1) Encouraging the expansion of new and existing business enterprises that create jobs for unemployed and underemployed people.

2) Preserving and expanding the housing supply within the City, including market rate housing and affordable housing for low- and moderate-income households.

3) Redeveloping blighted and underutilized properties for uses consistent with a strategy for neighborhood and downtown revitalization

WHEREAS, the MCRF loan program generally provides short term (up to 7 years), low-interest loans in amounts ranging between $50,000 and 250,000, to qualified borrowers that achieve one or more of the program objectives; and ...