Fiscal Note
This resolution would authorize a $66,000 end loan from the Madison Capital Revolving Fund to Tilt Media, Inc. for improvements to the building located at 3209 Latham Drive. Loan proceeds will be provided upon satisfactory completion of the project in conformance to the terms and conditions of the MCRF Loan. The MCRF Loan would be amortized over a maximum term of seven (7) years at a fixed interest rate of 4%. The borrower will make quarterly principal and interest payments. The borrower’s obligation to repay would be secured by a second mortgage on the property, and the borrower will also provide the City with a personal guaranty for the MCRF Loan. The 2010 Capital Budget authorized $500,000.00 for MCRF loans. There is one pending 2010 MCRF loan, in the amount of $120,000, awaiting closure. The existing fund balance in the MCRF program is sufficient to fund this amount without additional borrowing.
Title
Authorizing the Mayor and City Clerk to execute an agreement to fund a Madison Capital Revolving Fund loan to Tilt Media, Inc. to assist in making improvements to the building located at 3209 Latham Drive.
Body
WHEREAS, 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); and
WHEREAS, the Community Development Authority (CDA) has been designated as agent of the City of Madison for the operation and administration of the Program; and
WHEREAS, on April 16, 1996, the Common Council accepted the MCRF objectives and criteria as proposed by the CDA; and
WHEREAS, Richard J. Rubasch is the principal of Tilt Media, Inc. (the “Borrower”) that has proposed to make improvements to the building located at 3209 Latham Drive (the “Property”) that facilitates its use for studio production of video and audio media and advertising production at an estimated total development cost of approximately $531,000.00 (the “Project”); and
WHEREAS, Rich...
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