Fiscal Note
The proposed resolution authorizes a loan of up to $125,000 to RISE Wisconsin, Inc. for capital improvements at 2120 Fordem Ave. The loan is part of the Community Facilities Loan Program (Munis project 13672). CFL program guidelines for acquisition and construction loans set a maximum loan amount of the lesser of $400,000 or 20% of total eligible project costs in the form of a zero percent long-term deferred loan. Funding was authorized in the Community Development Division's 2024 Adopted Capital Budget ($1.0 million in General Fund-supported GO Borrowing). No additional City appropriation required.
Title
Approving a loan of up to $125,000 to RISE Wisconsin, Inc. from the Community Facilities Loan Program to help finance the replacement of a portion of a roof and replacement of two rooftop HVAC units at the agency’s respite childcare center located at 2120 Fordem Avenue and authorizing the Mayor and City Clerk to enter into an agreement for that purpose (District 12).
Body
WHEREAS, the City of Madison’s Community Facilities Loan (CFL) Program provides low-cost financing to support non-residential development projects undertaken by non-profit organizations in Madison that involve the acquisition of property or substantial expansion, redevelopment, improvement or rehabilitation of property the organizations currently own or lease; and,
WHEREAS, the City’s objective through the CFL Program is to create or improve safe, accessible, energy efficient and well-maintained community and neighborhood facilities; and,
WHEREAS, RISE Wisconsin, Inc. has applied to the CFL Program for assistance to help replace a portion of the roof at its facility located at 2120 Fordem Avenue. The roof is over 20 years old and experienced an increase in leaking. In addition, two rooftop HVAC units are at the end of their lifecycle and need replacement. The roof improvements directly impact RISE Wisconsin’s childcare respite center and meeting spaces; and,
WHEREAS, per ...
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