Fiscal Note
The proposed resolution authorizes a Small Cap TIF Loan in the amount of $100,000 to Revive Restoration, Inc. for real estate improvements at a commercial property at 925 Applegate Rd. At loan closing, the City shall disburse an amount equal to 15% of the principal amount of loan to MDC from Program funds for servicing, and 15% of the principal amount of the loan to MDC from Program funds for servicing and closing fees. The aggregate (30%) of all such loan fees for this loan will be $30,000.
The TID 51 Project Plan includes $1.5 million for Small Cap TIF Loans. The Common Council approved the TID 51 Project Plan in 2023 (RES-23-00208, Leg file 75809). Council further authorized Madison Development Corporation (MDC) to administer the program in TID 51 (RES-23-00470, Leg file 78323). Funding for TID 51 projects is available through TIF increment donated from other TIDs to TID 51.
Three other Small Cap TIF loans in TID 51 have been approved by Council: $212,500 (RES-23-00651, Leg file 80079), $250,000 (RES-23-00776, Leg file 80813), and $80,000 (RES-24-00060, Leg file 81363). With this resolution, the total amount expended from the program (including MDC service fees) is $835,350.
Title
Authorizing a loan to Revive Restoration, Inc., or its assigns in the amount of $100,000 for real estate improvements to the commercial property at 925 Applegate Road through the TID 51 Small Cap TIF loan program using TID #51 incremental revenue as authorized in an amendment to the TID #51 Project Plan (RES 23-00208 adopted by the Common Council on March 7, 2023). (District 14)
Body
WHEREAS, the City of Madison has created the boundary and Project Plan for Tax Incremental District (TID) #51 on March 7, 2023 RES-23-00208 (File ID Number 75809); and
WHEREAS, the intent and purpose of the Project Plan, among other things, is to attract and retain business and employment in the South Madison area generally bounded by Fish Hatchery Road, the Beltline Highway, John Nola...
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