City of Madison, Wisconsin | Legislative Information Center
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File #: 28082    Version: Name: 10061 Noor LLC - 1129 S. Park Street; MCRF
Type: Resolution Status: Passed
File created: 10/22/2012 In control: COMMON COUNCIL
On agenda: 11/27/2012 Final action: 11/27/2012
Enactment date: 11/30/2012 Enactment #: RES-12-00910
Title: Authorizing the Mayor and City Clerk to execute an agreement to fund a $130,000 Madison Capital Revolving Fund loan to Noor Investment LLC to assist constructing a service station and convenience store at 1129 South Park Street.
Sponsors: Sue Ellingson
Attachments: 1. NOOR V1 Master31-Oct-2012-11-00-40.pdf, 2. 10061 Noor Investment, LLC MCRF.pdf
Fiscal Note
This resolution would authorize a $130,000 end loan from the Madison Capital Revolving Fund to Noor Investment LLC for the construction of a new service station and convenience store at 1129 South Park Street. End loan proceeds shall be provided upon satisfactory completion of the project in conformance to the terms and conditions of the MCRF Loan, as stated herein. Terms of the MCRF Loan would be a maximum of five (5) years, amortized over ten (10) years at an interest rate of the prime rate at the time of disbursal, plus 1.0% fixed, with a balloon payment of principal and interest due at note maturity. The Borrower shall make quarterly principal and interest payments. The Borrower’s obligation to repay would be secured by a second mortgage security on the property located at 1129 South Park Street. The Borrower shall provide the City with the personal guaranties of Mohammed Ehtasham and Almas Begum for the MCRF Loan. The 2012 Operating Budget authorizes $500,000 for Madison Capital Revolving Fund loans. In 2012, the City has approved two (2) loans totaling $370,000, leaving a balance of $130,000 of budgeted loan authorization. The MCRF loan fund balance is sufficient to fund this amount without additional borrowing. However, as the funds are likely to be disbursed to Borrower in 2013, the 2013 Operating Budget has a provision to re-authorize $130,000 for disbursal to Borrower at that time.
Title
Authorizing the Mayor and City Clerk to execute an agreement to fund a $130,000 Madison Capital Revolving Fund loan to Noor Investment LLC to assist constructing a service station and convenience store at 1129 South Park Street.
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 o...

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