Fiscal Note
The proposed resolution authorizes the loan of up to $10.0 million to the Madison Revitalization and Community Development Corporation (MRCDC), a 501(c)(3) non-profit corporation, to support Phase 1 of the Triangle Redevelopment project. The $10.0 million loan is funded by two sources: $5.2 million of uncommitted Federal Emergency Rental Assistance (ERA) program funds available through the American Rescue Plan Act (ARPA) (Munis project 76121) and $4.8 million of Federal HOME funds available in the Community Development Division's (CDD) 2024 Adopted Operating Budget (Munis projects 72023 and 72024) and what is proposed for authorization in the 2025 Executive Capital Budget (Munis project 72025). Full funding of the HOME loan is contingent upon adoption of the 2025 Capital Budget.
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SUBSTITUTE Authorizing the allocation of up to $4.8 million of Federal HOME Partnership Investment Program (HOME) funds and $5.2 million of Federal Emergency Rental Assistance Program funds, authorized under the American Rescue Plan Act and currently uncommitted, to Madison Revitalization and Community Development Corporation, or an affiliate LLC, to help finance Phase 1 of the redevelopment of the Triangle public housing site, and authorizing the Mayor and the City Clerk to enter into a Loan Agreement. (District 13)
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Background
The Madison Revitalization and Community Development Corporation (MRCDC) was established in 1998 to invest in, receive, hold, use, and dispose of real or personal property and to engage in related activities to facilitate community redevelopment. The MRCDC is recognized under Wisconsin state law as a non-stock, 501(c)(3) Non-Profit Corporation. While there is overlap between the Madison Community Development Authority (CDA) Board and MRCDC Board, the MRCDC is a legally separate entity from the CDA. MRCDC does not employ staff; it is managed by CDA staff. The MRCDC’s primary mission is to facilitate community redevelopment, and in parti...
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