Fiscal Note
This resolution would authorize a $35,000 end loan from the Madison Capital Revolving Fund to Regent Market Cooperative, Inc. to install solar panels on their property at 2136 and 2138 Regent Street. End loan proceeds shall be provided upon satisfactory completion of the project in conformance to the terms and conditions of the MCRF Loan, as stated herein. Terms of the MCRF Loan would be a maximum of five (5) years, amortized over ten (10) years at an interest rate of 3% fixed, with a balloon payment of principal and interest due at note maturity. The Borrower shall make quarterly principal and interest payments. The Borrower’s obligation to repay would be secured by a subordinate mortgage security on the property located at 2136 and 2138 Regent Street. The Borrower shall provide the City with the corporate guaranty of Regent Market Cooperative, Inc. for the MCRF Loan. The Capital Revolving Fund has a fund balance of approximately $1.1 million. The MCRF loan fund balance is sufficient to fund this amount without additional borrowing.
Title
Authorizing the Mayor and City Clerk to execute an agreement to fund a $35,000 Madison Capital Revolving Fund loan to Regent Market Cooperative, Inc. (“Borrower”) to assist in Borrower’s $1.2 million renovation and expansion of commercial space, including the installation of 10 kilowatt solar modules on the roof and awning (“Project”) within the property located at 2136 and 2138 Regent Street (“Property.”)
Body
WHEREAS, on May 19, 1987 the Common Council accepted a report by the Madison Capital Revolving Fund Task Force recommending the creation of a Madison Capital Revolving Fund (MCRF); and
WHEREAS, the Community Development Authority (CDA) has been designated as agent of the City of Madison for the operation and administration of the Program; and
WHEREAS, on April 16, 1996, the Common Council accepted the MCRF objectives and criteria as proposed by the CDA; and
WHEREAS, Regent Market Cooperative, Inc. (the ...
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