Fiscal Note
The proposed resolution authorizes a loan of up to $170,000 to Literacy Network, Inc. for capital improvements at 701 Dane St. The loan is part of the Community Facilities Loan Program (Munis project 13672). CFL program guidelines for acquisition and construction loans set a maximum loan amount of the lesser of $400,000 or 20% of total eligible project costs in the form of a zero percent long-term deferred loan. The Community Facilities Loan Program has been authorized to loan up to $1,455,000 using a mixture of General Fund GO Borrowing and Community Development Block Grant funds. Funding was authorized in the Community Development Division's 2024 Adopted Capital Budget ($1.0 million in General Fund-supported GO Borrowing). No additional City appropriation required.
Title
Authorizing a loan of $170,000 from the Community Facilities Loan Program to Literacy Network, Inc., to support facility improvements at 701 Dane Street, and authorizing the Mayor and City Clerk to enter into an agreement for that purpose. (District 14)
Body
WHEREAS, the City of Madison’s Community Facilities Loan (CFL) Program provides low-cost financing to support non-residential development projects undertaken by non-profit organizations in the City of Madison that involve the acquisition of property, or substantial expansion, redevelopment, improvement or rehabilitation of property the organizations currently own or lease; and,
WHEREAS, the City’s objective through the CFL Program is to create or improve safe, accessible, energy
efficient and well-maintained community and neighborhood facilities; and,
WHEREAS, Literacy Network, Inc. applied to the CFL Program for assistance to help finance expansion of programming space and building improvements at 701 Dane Street to increase its capacity to provide services to its constituents in Dane County; and,
WHEREAS, the Common Council previously authorized a $68,000 CFL loan to Literacy Network, Inc. for its use to finance improv...
Click here for full text