Fiscal Note
The 2020 Adopted Capital Budget included $500,000 in the Economic Development Division for the Commercial Ownership Assistance Program. This program is intended to replace the Capital Revolving Loan Fund. The 2020 appropriation is funded by existing cash reserves from the Capital Revolving Loan Fund. No additional City appropriation is required for the approval of this ordinance.
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SUBSTITUTE - Creating Section 4.32 of the Madison General Ordinances to establish a Commercial Ownership Assistance Program.
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DRAFTER'S ANALYSIS: Madison seeks to make progress in equalizing economic quality of life indicators between white residents and residents of color. In particular, Madison needs to do more to support diverse business and property ownership. Data shows that while Communities of Color represent approximately 27% of the City of Madison’s population, business ownership rates for People of Color are much lower (between 3-9% using varying metrics) within the City (Source: Reference USA Business Database).
Business and property ownership is a vital pathway to economic empowerment. For Madison to make meaningful progress in addressing racial disparities the City must go beyond programs focused on addressing basic needs, and direct more resources and strategies toward building wealth and economic empowerment among communities that are not sharing in the City’s prosperity. The City designed this ordinance to address these inter-related issues by identifying, supporting, and capitalizing business owners seeking to purchase or develop commercial space.
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The Common Council of the City of Madison do hereby ordain as follows:
1. Section 4.32 entitled “Commercial Ownership Assistance Program” of Chapter 4 entitled “Finance” of the Madison General Ordinances is created to read as follows:
“4.32 COMMERCIAL OWNERSHIP ASSISTANCE PROGRAM.
(1) Legislative Intent. Over...
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