Fiscal Note
The proposed resolution approves a Small Cap TIF loan of $80,000 to Frantz Stanford for renovation of the property located at 308 N. Livingston Street in the Mansion Hill-James Madison Park Neighborhood. This renovation includes conversion from rental to owner-occupied housing. The 2017 Adopted Capital Budget includes $440,000 for the State Street District Improvement Retail Grant and Small Capital Loan Programs in Tax Increment District 32. Council adopted RES-17-00733 (Legistar File 48235) amended the 2017 Adopted Capital Budget to add $260,000 to the aforementioned programs.
The retail grant program has awarded $251,332.30 to date and the small capital loan program has awarded $360,000 to date. Disbursement of $80,000 for the Small Cap TIF loan proposed by this resolution leaves a remaining balance of $8,667.70 for the State Street District Improvement Retail Grant and Small Capital Loan Programs. These grant and loan programs are funded by Tax Increment District 32.
Title
Approving a Small Cap TIF #32 Mansion Hill-James Madison Park Neighborhood loan of up to $80,000 to Frantz Stanford Borrower(s) for the renovation of the property located at 308 N. Livingston Street, Madison, WI and its conversion from rental to owner-occupied housing; and authorizing the Mayor and City Clerk to execute a loan agreement with the Borrower(s) to effectuate this transaction.
Body
BACKGROUND
The Mansion Hill-James Madison Park Neighborhood program, part of the approved plan for Tax Incremental District #32 (Upper State Street) was created on January 2011 (RES-11-00042, Legistar #20749) for the purpose of assisting with conversion of deteriorating rental housing into renovated owner occupied. The program was amended on August 2014 (RES-14-00576, Legistar #34644), April 2015 (RES-15-00344, Legistar #37775) and November 2016 (RES-16-00856, Legistar #44934). It provides forgivable loans to eligible borrowers for the purchase and/or renovation of rental properties...
Click here for full text