City of Madison - File #: 79581

• File #: 79581
• Version: 1
• Name: ACRE Pre-Development Grant Program
• Type: Resolution
• Status: Passed
• File created: 8/29/2023
• In control: Economic Development Division
• On agenda: 10/3/2023
• Final action: 10/3/2023
• Enactment date: 10/6/2023
• Enactment #: RES-23-00625
• Title: Approving the ACRE Pre-Development Grant Program, authorizing Economic Development staff to manage the program, and authorizing the Mayor and City Clerk to sign grant agreements with the selected grantees and/or their fiscal sponsors.
• Sponsors: Satya V. Rhodes-Conway, Sabrina V. Madison, Nasra Wehelie, Dina Nina Martinez-Rutherford, Juliana R. Bennett, Amani Latimer Burris, Jael Currie, Marsha A. Rummel, Regina M. Vidaver

Date	Ver.	Action By	Action	Result
10/3/2023	1	COMMON COUNCIL	Adopt Unanimously	Pass
9/26/2023	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
9/20/2023	1	ECONOMIC DEVELOPMENT COMMITTEE	Return to Lead with the Recommendation for Approval
9/5/2023	1	FINANCE COMMITTEE	Referred
9/5/2023	1	COMMON COUNCIL	Referred
8/29/2023	1	Economic Development Division	Referred for Introduction

Fiscal Note
No additional City appropriation is required for the proposed resolution. The 2023 Adopted Capital Budget includes $300,000 in General Fund GO Borrowing for the Associates in Commercial Real Estate (ACRE) program (Munis Project 13837).
Title
Approving the ACRE Pre-Development Grant Program, authorizing Economic Development staff to manage the program, and authorizing the Mayor and City Clerk to sign grant agreements with the selected grantees and/or their fiscal sponsors.
Body
WHEREAS, the Associates in Commercial Real Estate (ACRE) Program is a 26-week commercial real estate program that combines industry-leading content and real-world education as a platform for supporting the next generation of socially responsible real estate professionals able to contribute tangible and lasting benefits to the community; and,

WHEREAS, the curriculum’s multidisciplinary approach focuses on participants understanding the fundamentals of key real estate segments: finance, design, construction management, and property management. It also features access to related trainings, industry speakers, and networking events; and,

WHEREAS, the primary objective of the ACRE program is to foster diversity, equity, and inclusion within the commercial real estate industry; and,

WHEREAS, ACRE empowers participants by equipping them with the essential skills, tools and resources to create wealth and make a positive impact on the social and physical landscape of neighborhoods; and,

WHEREAS, the Local Initiatives Support Corporation (LISC) Milwaukee is the nonprofit organization that oversees the ACRE program. Their mission is to help forge resilient and inclusive communities of opportunity across America-great places to live, work, visit, do business and raise families; and,

WHEREAS, in 2022, the Common Council approved a resolution that authorized a contract to support the ACRE program at a total cost of $200,000 over three years from the Department of Civil Rights’ 2022 op...