City of Madison - File #: 51906

• File #: 51906
• Version: 1
• Name: Authorizing a loan of up to $300,000 to One City Schools, Inc from the City’s Community Development Block Grant Program to assist in the $401,877 acquisition of property located at 2012 Fisher Street, for use as an early childhood care facility.
• Type: Resolution
• Status: Passed
• File created: 5/29/2018
• In control: FINANCE COMMITTEE
• On agenda: 6/19/2018
• Final action: 6/19/2018
• Enactment date: 6/25/2018
• Enactment #: RES-18-00485
• Title: Authorizing a loan of up to $300,000 to One City Schools, Inc from the City’s Community Development Block Grant Program to assist in the $401,877 acquisition of property located at 2012 Fisher Street, for use as an early childhood care facility.
• Sponsors: Samba Baldeh, Maurice S. Cheeks, Matthew J. Phair, Sheri Carter

Date	Ver.	Action By	Action	Result
6/19/2018	1	COMMON COUNCIL	Adopt	Pass
6/11/2018	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
6/7/2018	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval
6/7/2018	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
6/5/2018	1	FINANCE COMMITTEE	Refer
6/5/2018	1	COMMON COUNCIL	Refer	Pass
5/29/2018	1	Community Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes a $300,000 long-term deferred loan to One City Schools, Inc. The loan will support the acquisition of property located at 2012 Fisher Street for use as an early childhood care facility. The proposed loan will be funded by Community Development Block Grant (CDBG) program income.
Title
Authorizing a loan of up to $300,000 to One City Schools, Inc from the City’s Community Development Block Grant Program to assist in the $401,877 acquisition of property located at 2012 Fisher Street, for use as an early childhood care facility.
Body
BACKGROUND
One City Schools, Inc (One City) is a non-profit organization in Madison that provides affordable, accessible, and high-quality preschool education for children ages 1 to 5 in Dane County. One City currently serves primarily low-income households in Madison, and has partnered with FCI since 2015 to lease and renovate its current early childhood education facility located at 2012 Fisher Street. When FCI initially purchased the building from its previous owner, it was agreed that One City would lease the school from FCI and purchase the facility by December 31, 2018 for $401,877.23. One City completed a $1.5 million renovation in early 2016 that was financed through a capital campaign. As a result the requested CDBG funds will be used solely for the acquisition of the property. As part of the mission of One City, the Fisher Street school has served, and will continue to serve students from throughout Madison, with a focus on South Madison neighborhoods. A majority of students come from families earning at or below 200% of the Federal Poverty Line, and the provision of CDBG funds to this project will ensure that One City can continue providing quality early childhood education to children from low- and moderate-income households.
ACTION
WHEREAS, One City Schools, Inc, a local non-profit organization, submitted a request to the Community Development Division seeking a $300,000 lo...