Fiscal Note
$332,000 in total funding is authorized in the 2014 Planning and Community and Economic Development agency adopted capital budget for Facade Improvement projects and for the TID 32 Small Cap Loan Program, Project No. 25, "TID 32 - Upper State Street Corridor" (Account No. 823201). If approved, this will be the third loan issued under the program. No additional appropriation is required.
Title
Authorizing the Mayor and City Clerk to execute a loan agreement to fund a $70,000 Mansion Hill-James Madison Park Neighborhood Small Cap TIF Loan to Peter Linsmeier to purchase and renovate the property located at 144-146 N. Hancock Street and convert it from a rental to owner-occupied housing.
Body
WHEREAS on July 1, 2003 the Common Council of the City of Madison adopted Resolution No. 60,678, I.D. 33,974 creating a boundary and Project Plan for Tax Incremental District (TID) #32 - Upper State Street ("District") as set forth by Wis. Stats. 66.1105 ("TIF Law"); and
WHEREAS on July 18, 2006 the Common Council of the City of Madison adopted RES 06-00603 adopting a first amendment to the boundary and Project Plan for the District as set forth by TIF Law; and
WHEREAS on September 21, 2010, the Common Council of the City of Madison adopted RES 10-00758 adopting a second amendment to the boundary and Project Plan for the District as set forth by TIF Law; and
WHEREAS on January 18, 2011, the Common Council of the City of Madison Adopted RES 11-00042 authorizing the creation of a Mansion Hill-James Madison Park Neighborhood Small Cap TIF Program in Tax Increment District #32 (Upper State Street) to provide funding for the purchase and/or rehabilitation of rental properties to owner-occupied properties; and
WHEREAS Peter Linsmeier (“Borrower”) shall purchase and renovate the property located at 144-146 N. Hancock Street (“Property”) and be the owner-occupant(s) (“Project”); and
WHEREAS after review of the Small Cap TIF Application and its attachments, staff h...
Click here for full text