Fiscal Note
$300,000 is authorized in the 2012 DPCED Adopted Capital budget for the TID 32 Small Cap Loan Program, Project No. 2, TID 32-(Upper State Street) Account No. 823201. If approved, this will be the second loan issued under the program.
Title
SUBSTITUTE Authorizing the Mayor and City Clerk to execute a loan agreement to fund a $68,828 Mansion Hill-James Madison Park Neighborhood Small Cap TIF Loan to Joan Lin (“Borrower”) to purchase and renovate the property located at 322 E. Mifflin Street and convert it from a rental to owner-occupied housing.
Body
WHEREAS on July 1, 2003 the Common Council of the City of Madison adopted Resolution No. 60,678, I.D. 33,974 creating a boundary and Project Plan for Tax Incremental District (TID) #32 - Upper State Street ("District") as set forth by Wis. Stats. 66.1105 ("TIF Law"); and
WHEREAS on July 18, 2006 the Common Council of the City of Madison adopted RES 06-00603 adopting a first amendment to the boundary and Project Plan for the District as set forth by TIF Law; and
WHEREAS on September 21, 2010, the Common Council of the City of Madison adopted RES 10-00758 adopting a second amendment to the boundary and Project Plan for the District as set forth by TIF Law; and
WHEREAS Joan Lin (“Borrower”) shall purchase and renovate the property located at 322 E. Mifflin Street (“Property”) and be the owner-occupant(s) (“Project”); and
WHEREAS after review of the Small Cap TIF Application and its attachments, staff has concluded that Small Cap TIF assistance in the amount of $68,828 would stimulate the rehabilitation and conversion of the Property into owner-occupied housing as set forth in the adopted Small Cap TIF program for TID #32; and
WHEREAS in addition to any other powers conferred by law, the City may exercise any power necessary and convenient to carry out the purpose of the TIF law, including the power to cause Project Plans to be prepared, to approve such plans, and to implement the provisions that effe...
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