Fiscal Note
Fiscal note pending.
Title
Authorizing a loan to Stella’s Bakery of Madison or its assigns in the amount of $250,000 for real estate improvements to the commercial property at 3113 Syene Road through the TID 51 Small Cap TIF program using TID #51 incremental revenue as authorized in 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 Nolan Drive, and Murphy Creek; and
WHEREAS, Stella’s Bakery of Madison will operate its businesses out of this location and the improvements will include cold storage, new equipment, as well as a new roof and new HVAC. This will allow the company to automate most production which is currently done manually. The structure includes 3 offices, small storage, two restrooms, 4160 SF warehouse, two loading docks and one drive-in overhead door. The company has been in operation since 1988; and
WHEREAS, Stella’s Bakery of Madison would utilize Small Cap TIF program funds to assist with the real estate improvements for the property located at 3113 Syene Road, hereby meeting the requirements of the Small Cap TIF program; and
WHEREAS, the program guidelines stipulate through these funds borrowers may receive zero-percent (0%) loans, not to exceed $250,000, for the purpose of purchasing real estate, financing real estate improvements or not to exceed $150,000 for purchasing capital machinery and equipment. And for each anniversary year of the Common Council authorization of the Loan, 20% of the original principle of the Loan is forgiven until the entire balance is forgiven at the end of five (5) ...
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