Fiscal Note
The proposed resolution authorizes the refinancing of a Community Facilities Loan (CFL) program loan to YWCA Madison, Inc (YWCA). A CFL program loan to YWCA for $87,000 was originally authorized by the Common Council in June 2023 (file 77544, RES-23-00411). The proposed resolution increases the loan amount by $91,150 for a total refinanced loan of up to $178,150. The CFL capital program (Munis project 13672) was originally authorized to utilize $1.0 million in GO Borrowing in the 2022 Adopted Capital Budget. An additional $1.0 million in GO Borrowing for the program was included in the 2024 Adopted Capital Budget. No additional City appropriation required.
Title
Authorizing a refinance of a Community Facilities Loan to YWCA Madison, Inc., originally for the sum of $87,000, and increasing the loan amount by $91,150 for a total of up to $178,150 to support facility improvements at 2040 S. Park Street, authorizing the Mayor and City Clerk to sign an agreement for that purpose. (District 14)
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, YWCA Madison, Inc. applied to the CFL Program for assistance to help finance the renovation of their Empowerment Center located at 2040 S. Park Street; and,
WHEREAS, the Common Council authorized an $87,000 loan from the Community Facilities Loan Program to YWCA Madison, Inc. for its use for improvements at 2040 S. Park Street on June 6th, 2023 (File #77544/RES-23-00411); and,
WHEREAS, YWCA Madison,...
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