Fiscal Note
$400,000 is authorized in the 2008 PCED Adopted Capital budget for the TID 28 Small Cap Loan program, Project No. 12, "TID 28 - Bassett Neighborhood," Account No. 822801. If approved, this will be the second loan issued under the program.
Title
SUBSTITUTE - Authorizing the Mayor and City Clerk to execute a loan agreement to fund not to exceed $47,204 Bassett Neighborhood Small Cap TIF Loan to Scott and Megin McDonell (“Borrower”) to purchase and rehabilitate the property located at 404 W. Doty 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; and
WHEREAS Scott and Megin McDonnell (“Borrower”) shall purchase and rehabilitate the property located at 404 W. Doty 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 not to exceed $47,204 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 not to exceed $60,000 per Property (“Loan Amount Formula”); and
WHEREAS the proposed project involves acquisition of a property at a purchase price of $265,000. Approximately $67,690 in rehabilitation cost less $18,000 escrowed from Seller to...
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