Fiscal Note
The proposed resolution authorizes the execution and delivery of all documents required to achieve the transfer of a $75,000 CDBG loan for the acquisition of property at 835 W Badger Rd made to Omega School, Inc. to Literacy Network. The original loan to Omega School, Inc. was authorized by leg file 02327, RES-05-00924. The resolution further authorizes the transfer of the previously-approved Purchase of Services contract in the amount of $30,000 from the Omega School, Inc. to Literacy Network in 2025. The contract amount is included in the Community Development Division's (CDD) 2025 Adopted Operating Budget (account 67525-54820-00000). No additional City appropriation is required.
Title
Authorizing the assignment and assumption of a loan, made in 2005 by the City of Madison to Omega School Inc. to help Omega finance the acquisition of 835 West Badger Road, to Literacy Network, which has agreed to acquire Omega School Inc. including this property, and approving the transfer to Literacy Network of an existing Purchase of Service contract between the City and Omega School, Inc., which supports employment and career development programming. (District 14)
Body
WHEREAS, in November 2005, the City of Madison Common Council authorized the award of $75,000 in Community Development Block Grant funds (RES-05-00924, Legistar #02327), to Omega School, Inc. for the acquisition of the property at 835 West Badger Road (“the Property”); and,
WHEREAS, Omega School Inc. executed a Real Estate Mortgage and Deferred Promissory Note with the City for the Property in December 2005; and,
WHEREAS, Omega School Inc. has used the Property to operate community programs serving low- to moderate-income households since acquisition; and,
WHEREAS, Omega School Inc. has notified the City’s Community Development Division (CDD) that it will be ceasing operations in 2025 and has identified another community partner, Literacy Network, to which it intends to transfer its community pr...
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