Fiscal Note
The proposed resolution authorizes a loan of up to $100,000 to Allied Wellness Center, Inc. for capital improvements at 2629 Verona Rd. The loan is part of the Community Facilities Loan Program (Munis 13672). Funding is available in the Community Development Division's 2024 Adopted Capital Budget. No additional City appropriation required.
Title
Approving a loan of up to $100,000 to Allied Wellness Center, Inc. from Community Development Division’s Community Facilities Loan Program to help finance the buildout of leased space located at 4649 Verona Road to be used as office and classroom space to serve the Allied neighborhood and greater Madison community with health and wellness education, and authorizing the Mayor and City Clerk to sign an agreement for that purpose. (District 10)
Body
WHEREAS, the City of Madison’s Community Facilities Loan (CFL) Program provides low-cost financing to support non-residential development projects undertaken by non-profit organizations in the City of Madison that involve the acquisition of property or substantial expansion, redevelopment, improvement or rehabilitation of property the organizations currently own or lease; and,
WHEREAS, the City’s objective through the CFL Program is to create or improve safe, accessible, energy efficient and well-maintained community and neighborhood facilities; and,
WHEREAS, Allied Wellness Center, Inc. has applied to the CFL Program for assistance to help build out their leased space located at 4649 Verona Road to create a community service facility with classroom space, office/work spaces for staff members, as well as building improvements related to successful operations and services to their clients and community members throughout Dane County; and,
WHEREAS, per the CFL Program guidelines, Allied Wellness Center, Inc. intends to provide programming and other support at the community facility primarily to low-income households, and meets all other eligibility requirements of th...
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