Fiscal Note
$400,000 is authorized in each of the 2007 and 2008 PCED Adopted Capital budgets for the TID 28 Small Cap Loan program, Project No. 12, "TID 28 - Bassett Neighborhood," Account No. 822801. If approved, this $60,000 loan will be the second loan issued under the program. Loan disbursements under this program must be completed prior to Dec. 31, 2008.
Title
Authorizing an exception to the Bassett Neighborhood Small Cap TIF Loan program for the project described herein to exceed 15% of purchase price and/or conversion costs and authorizing the Mayor and City Clerk to execute a loan agreement to fund a $60,000 Bassett Neighborhood Small Cap TIF Loan to Matthew Sweeney (“Borrower”) to purchase and renovate the property located at 306-308 S. Broom Street to convert it from a rental to owner-occupied housing.
Body
WHEREAS on September 19, 2000, the Common Council adopted Resolution No. 56,644 creating a boundary and Project Plan for Tax Incremental District (TID) #28 - Bassett Neighborhood (“District”) as set forth by Wisconsin Statutes 66.1105 (“TIF Law”); and
WHEREAS on December 14, 2004, the Common Council adopted Resolution No. 62,098 adopting an amendment to the boundary and Project Plan for the District as set forth by TIF Law; and
WHEREAS on September 18, 2007, the Common Council adopted RES-07-01102 creating the Bassett Neighborhood Small Cap TIF Loan Program (“Program”); and
WHEREAS Matthew Sweeney (“Borrower”) shall purchase and renovate the property located at 306-308 S. Broom Street (“Property”) and be the owner-occupant(s) (“Project”); and
WHEREAS after review of the Small Cap TIF Application and its attachments, staff concluded that Small Cap TIF assistance in the amount of $60,000 would stimulate the conversion of the Property into owner-occupied housing as set forth in the adopted Small Cap TIF program for TID #28; and
WHEREAS RES 07-01102 established that the Program loan amount would be 15% of purchase price and/or conversion costs ...
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