Fiscal Note
The proposed resolution authorizes a Small Cap TIF 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 Rd. The TID 51 Project Plan includes $1.5 million for Small Cap TIF Loan Program. 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. The service fees for this loan will be $37,500.
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). Six 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), $80,000 (RES-24-00060, Leg file 81363), $113,500 (RES-24-00061, Leg file 81366), $100,000 (RES-24-00348, Leg file 83170), and $125,000 (RES-24-00551, Leg file 84609). Service fees for these loans total $132,150.
No additional City appropriation is required.
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 ...
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