Fiscal Note
$332,000 is authorized in the 2014 DPCED Adopted Capital budget for the TID 32 Small Cap Loan Program, Project No. 25, TID 32-(Upper State Street) Account No. 823201.
Title
Authorizing the Mayor and City Clerk to execute a new loan agreement to fund an additional $20,000 Mansion Hill-James Madison Park Neighborhood Small Cap TIF Loan to Alexander Einsman to renovate the property located at 513 East Gorham Street for a total loan of $90,000 and amending the loan terms to be consistent with the new Small Cap TIF loan criteria.
Body
WHEREAS on July 1, 2003 the Common Council of the City of Madison adopted Resolution No. 60,678, ID No. 33,974 creating a boundary and Project Plan for Tax Incremental District (TID) #32 - Upper State Street ("District") as set forth by Wis. Stats. 66.1105 ("TIF Law"); and
WHEREAS on July 18, 2006 the Common Council of the City of Madison adopted Resolution No. 06-00603, ID No. 03683 adopting a first amendment to the boundary and Project Plan for the District as set forth by TIF Law; and
WHEREAS on September 21, 2010, the Common Council of the City of Madison adopted Resolution No. 10-00758, ID No. 18993 adopting a second amendment to the boundary and Project Plan for the District as set forth by TIF Law; and
WHEREAS on July 15, 2014 the Common Council approved Resolution No. 14-00539, ID No. 34561 for a $70,000 Small Cap TIF Loan #32 to Alexander Einsman (“Borrower”) to assist in the purchase and renovation of 513 East Gorham Street (“Property”); and
WHEREAS on July 31, 2014 the Borrower purchased and is renovating the Property (“Project”) and will be the owner-occupant(s); and
WHEREAS on August 5, 2014 the Common Council adopted Resolution No. 14-00576, ID No. 34644 which amended both the TIF #32 Small Cap TIF Loan Program and the TIF #43 (Park-Drake) Small Cap TIF Loan Program increasing the loan amounts and changing some of the qualifying loan criteria and terms and conditions; and
WHEREAS due to real estate ...
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