Fiscal Note
The proposed resolution authorizes a Small Cap TIF loan in the amount of $125,000 to Atwood Music Hall, LLC. The Small Cap TIF Loan Program is included in the TID 54 Project Plan (RES-23-00507, Leg file 78314), and Madison Development Corporation (MDC) is authorized to administer the Small Cap TIF Loan program in City of Madison TIDs (RES-23-00470, Leg file 78323). 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, and 15% of the principal amount of the loan to MDC from Program funds for servicing and closing fees. The aggregate (30%) of all such loan fees for this loan will be $37,500. Funds for this loan are included in the Economic Development Division's 2024 Adopted Capital Budget as TID-support GO Borrowing. No additional City appropriation is required.
Title
Authorizing a loan to Atwood Music Hall LLC or its assigns in the amount of $125,000 for real estate improvements to the commercial property at 1925 Winnebago Street through the TID 54 Small Cap TIF loan program using TID #54 incremental revenue as authorized in an amendment to the TID #54 Project Plan (RES 23-00507) adopted by the Common Council on July 25, 2023. (District 6)
Body
WHEREAS, the City of Madison has created the boundary and Project Plan for Tax Incremental District (TID) #54 on July 25, 2023 RES-23-00507 (File ID Number 78314); and
WHEREAS, the intent and purpose of the Project Plan, among other things, is to attract and retain business and employment in the area generally bounded by Packers Ave, First Street, Fordem Ave, and Aberg Ave; and
WHEREAS, Atwood Music Hall will operate its businesses out of this location and the improvements will help renovate this 10,900 sq. ft.1931 constructed music venue that will solidify the neighborhood as an Arts District by complementing and connecting The Bur Oak, The Barrymore Theatre, and Communication; and
WHEREAS, Atwood Music Hall LLC would...
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