Fiscal Note
The proposed resolution authorizes amendments to the term sheet related to the agreements between the City, the Community Development Authority (CDA), and EC Residential LLC for the development project at 5546 Element Way in TID 46. The amendments to the term sheet do not change the amount or type of TID 46-supported funding originally approved for the project via legislative file 86170 (RES-24-00730): $930,000 TIF loan to EC Residential LLC and $4,365,000 grant to CDA. No additional City appropriation required.
Title
Authorizing amendments to the term sheet authorized by Legistar File No. 86170 regarding a Tax Incremental Finance Loan to EC Residential LLC, or its assigns, and a grant to the CDA related to the construction of affordable housing at 5546 Element Way in the University Research Park and Tax Incremental District (TID) 46 (District 19).
Body
WHEREAS EC Residential LLC, or its assigns, (“Developer”) has proposed to construct 197 affordable housing units and 151 underground parking stalls on the Property at a total estimated development cost of approximately $63,254,000 (“Project”) located at 5546 Element Way, within the University Research Park property in the City of Madison and within the amended boundary of TID #46 (“Property”), subject to an amendment to the Project Plan to TID #46; and
WHEREAS by adoption of Legistar File No. 86170, RES-24-00730, on December 10, 2024, the Common Council authorized the City of Madison to provide $930,000 as TIF Loan assistance to the Project and transferring $4,365,000 of tax increment from TID #46 to the Community Development Authority of the City of Madison (“CDA”), in the form of a grant, for the purpose of purchasing such future ownership interest in the Project, toward the public purpose of preserving affordable housing; and
WHEREAS Developer, the City, and CDA have negotiated updated terms, reflected in the term sheet attached hereto as Exhibit A (the “Term Sheet”), which includes converting ...
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