Fiscal Note
The Capital Revolving Fund (SR59) has a current balance of $836,000. Current Fund commitments in the form of Facade Improvement Grants total $104,000, leaving an available Revolving Fund balance of $732,000. Thus, there are sufficient funds available to support this loan. (It should be noted that the 2006 Planning and Development Adopted Capital Budget includes two projects supported by Capital Revolving Fund loans that may be affected by the approval of this loan: Project #7, "Capital Revolving Fund," provides budget authority for $600,000 in Capital Revolving Fund loans; project #39, "Facade Improvement Grants," provides budget authority of $125,000 to be paid from the Capital Revolving Fund. If the Tomotherapy loan is approved, the estimated available CRF proceeds in 2006 will total an estimated $182,000, which includes $150,000 in anticipated loan repayments plus an opening 2006 balance of $32,000. Therefore, approval of the Tomotherapy loan will result in the inability to complete projects as budgeted in the 2006 Adopted Capital budget.)
Title
Authorizing 1) an amendment to the 2005 Capital Budget to appropriate an additional $700,000 from the Madison Capital Revolving Fund (MCRF) and 2) the Mayor and City Clerk to execute an agreement to fund a $700,000 Madison Capital Revolving Fund loan to TomoTherapy, Inc.
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PREAMBLE
Madison Capital Revolving Fund
On May 19, 1987, the Common Council accepted a report by the Madison Capital Revolving Fund Task Force recommending the creation of a Madison Capital Revolving Fund (MCRF). On April 16, 1996, the Common Council designated the Community Development Authority (CDA) as agent of the City of Madison for the operation and administration of the program and accepted the MCRF objectives and criteria as proposed by the CDA. The program was established to make modest sized ($50,000 to $250,000) short-term end loans within a specific geographic boundary for the purpose of eliminating bli...
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