City of Madison - File #: 61902

• File #: 61902
• Version: 1
• Name: 12079 ULGM Grant Agreement - 2020 Capital Budget Amendment
• Type: Resolution
• Status: Passed
• File created: 8/25/2020
• In control: Economic Development Division
• On agenda: 9/15/2020
• Final action: 9/15/2020
• Enactment date: 9/21/2020
• Enactment #: RES-20-00668
• Title: Amending the Economic Development Division's 2020 Adopted Capital Budget and Authorizing the Mayor and City Clerk to execute a development agreement to fund a $200,000 grant to the Urban League of Greater Madison (“ULGM”) to assist lower income households to acquire homes within the geographic areas of Tax Incremental Financing District (“TID”) #42 (Wingra) and within a half mile of TID 42, as shown on the attached map.
• Sponsors: Sheri Carter, Tag Evers

Date	Ver.	Action By	Action	Result
9/15/2020	1	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
9/8/2020	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
9/1/2020	1	COMMON COUNCIL	Refer	Pass
8/25/2020	1	Economic Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes a $200,000 grant to the Urban League of Greater Madison to assist lower income households to acquire homes. This grant will be funded by TIF proceeds from TID #42, which will be receiving an incremental revenue donation from TID #39 (File ID 61522). The Economic Development Division’s 2020 Adopted Capital Budget will be amended to include the proposed $200,000 grant in the TID 42 Wingra capital program.
Title
Amending the Economic Development Division's 2020 Adopted Capital Budget and Authorizing the Mayor and City Clerk to execute a development agreement to fund a $200,000 grant to the Urban League of Greater Madison (“ULGM”) to assist lower income households to acquire homes within the geographic areas of Tax Incremental Financing District (“TID”) #42 (Wingra) and within a half mile of TID 42, as shown on the attached map.
Body
WHEREAS, the City of Madison has set a goal of increasing the ability of lower income households, defined as those households with incomes at or below 120% of the area median income (“AMI”), to acquire homes within the City of Madison, and;
WHEREAS, the Urban League of Greater Madison (“ULGM”) has developed a program to assist lower income households to acquire homes within the City of Madison, and;
WHEREAS, the Common Council wishes to provide up to Two Hundred Thousand dollars ($200,000) to ULGM (the “Grant”) towards this program, and;
WHEREAS the City of Madison has recently authorized an amendment to the Project Plan of TID #39 (Stoughton Rd) to donate $1,700,000 of incremental revenue to TID #42 (Wingra), and;
WHEREAS the City of Madison has amended the Project Plan to TID #42 (Wingra) to authorize the expenditure of $200,000 to ULGM for the purposes of funding the Grant,
NOW THEREFORE BE IT RESOLVED, that the Common Council of the City of Madison does hereby authorize the Grant in the amount of $200,000 be made to ULGM for the purpose of assisting lower income households to purchase...