Fiscal Note
$520,000 is authorized in the 2015 DPCED Adopted Capital budget for the TID #32 Small Cap Loan Program, Project No. 25 TID #32 (Upper State Street Corridor Account No. 823201. If approved, this will be the fifth loan under the program.
($80,000) 14206632-54835-00000 TID 32 Mansion Hill-James Madison Park LOANS
Title
Authorizing the Mayor and City Clerk to execute a loan agreement to fund up to $80,000 for Mansion Hill-James Madison Park Neighborhood Small Cap TIF#32 loan to Gregory Stroupe, Borrower(s) to purchase and/or renovate the property located at 140 N. Franklin, Madison, WI and convert it from rental to owner-occupied housing.
Body
On July 1, 2003 the Common Council of the City of Madison adopted Resolution No. 60,678, ID No. 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 on January 18, 2011 the Common Council of the City of Madison adopted RES-11-00042, authorizing the creation of Mansion Hill-James Madison Park Neighborhood Small Cap TIF Program within TID #32 (Upper State Street) to provide funding for the purchase and/or conversion of rental properties to owner-occupied properties based on specific objectives and policies as stated in the resolution; and
WHEREAS, on August 5, 2014, the Common Council adopted RES-14-00576 which amended Small Cap TIF #32 Program which was subsequently amended by Enactment No. RES-15-00344, (collectively referred to as the “Resolution”); and
WHEREAS, Gregory Stroupe (“Borrower”)...
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