City of Madison - File #: 02869

• File #: 02869
• Version: 1
• Name: Approving the provision of $400,000 of HOME, Match, and Housing Trust Fund dollars to Madison Area CLT.
• Type: Resolution
• Status: Passed
• File created: 1/31/2006
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 2/21/2006
• Final action: 2/21/2006
• Enactment date: 2/23/2006
• Enactment #: RES-06-00135
• Title: Approving the provision of $350,000 of HOME and Match funds and $50,000 of City Housing Trust fund dollars to Madison Area CLT for use as a construction loan, and authorizing the Mayor and the City Clerk to sign documents needed to implement the Troy Gardens Housing project in a manner that will continue to address City, Community, and Neighborhood Development Objectives.
• Sponsors: Cindy Thomas, Austin W. King, Santiago Rosas

Date	Ver.	Action By	Action	Result
2/21/2006	1	COMMON COUNCIL	Adopt	Pass
2/13/2006	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
2/7/2006	1	COMMON COUNCIL	Refer
2/1/2006	1	CDBG Office	Fiscal Note Required / Approval
2/1/2006	1	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office
2/1/2006	1	CDBG Office	Referred for Introduction

Fiscal Note
The Council has provided over $750,000 in Federal CDBG and EDI dollars to help the Madison Area CLT acquire the Troy Garden land and begin to develop its two components as a community resource park and as affordable housing. This resolution will authorize the provision of up to an additional $400,000 as a construction loan to help facilitate completion of the project. Up to $50,000 may be used from the City Housing Trust fund. HOME, Match and Housing Trust fund monies are available per the 2006 operating budget.
Title
Approving the provision of $350,000 of HOME and Match funds and $50,000 of City Housing Trust fund dollars to Madison Area CLT for use as a construction loan, and authorizing the Mayor and the City Clerk to sign documents needed to implement the Troy Gardens Housing project in a manner that will continue to address City, Community, and Neighborhood Development Objectives.
Body
WHEREAS the Common Council approved the provision of CDBG and EDI funds to Madison Area CLT in a series of resolutions to help them plan, acquire and then develop the 30 acre Troy Gardens site in a manner that addressed neighborhood goals, community gardening and farming objectives, and affordable housing goals;

WHEREAS the Madison Area CLT has acquired the land from the state of Wisconsin, has arranged with the Friends of Troy Gardens to manage a portion of the site, and is in the middle of developing plans for the housing portion of the site as approved by the Plan Commission and the Council;

WHEREAS the CLT has formed two limited liability corporations to separate the land trust liabilities associated with the conservancy/gardens site from those associated with the housing site, and the MACLT Residential Parcel LLC has proceeded to design the housing portion of the development and pre-market its units to potential buyers;

WHEREAS the CLT needs some additional construction loan financing to match Dane Fund and private first mortgage financing fo...