Fiscal Note
No additional City appropriation is required for the proposed resolution. $500,000 was authorized in 2021 by the Common Council through RES-21-00487 (File ID 65935). Additional funding is available through the 2022 EDD Capital Budget (SBER, MUNIS 13072) and the 2022 TID 50 State and Lake Capital Budget (MUNIS 99012).
Title
Approving the Building Improvement Grant Program, authorizing Economic Development staff to manage and market the program to independent business owners consistent with approved program guidelines, and authorizing the Mayor and City Clerk to sign grant agreements with the selected business owners.
Body
WHEREAS, on July 6, 2021, The Common Council adopted RES-21-00487, accepting and allocating American Rescue Plan Act, State and Local Fiscal Recovery Funds for the City of Madison; and,
WHEREAS, within that adopted resolution, $500,000 was approved to support a Building Improvement Grant Program; and,
WHEREAS, on July 20, 2021, The Council accepted the “report on the criteria and processes for allocating American Rescue Plan Act (ARPA) funding appropriated in the 2021 budget” provided in Legislative File #66453; and,
WHEREAS, within that report (on page 18), the context and use of the ARPA funding for the Business Improvement Grant is outlined; and,
WHEREAS, additional funding is available for the Building Improvement Grant Program through the 2022 Economic Development Division Capital Budget, Small Business Equity and Recovery Program (Project #13072); and,
WHEREAS, Tax incremental financing (TIF) may be available for this program to eligible business owners in geographic locations eligible for TIF financing, and subject to additional approvals under Wis. Stat §66.1105; and,
WHEREAS, the 2022 TID 50 State and Lake Capital Budget (Project #99012) includes funding for the Building Improvement Grant Program; and,
WHEREAS, the Building Improvement Grant program will provide funds to business owners (tenants or landlords) of u...
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