City of Madison, Wisconsin | Legislative Information Center
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File #: 36112    Version: 1 Name: Loridor LLC Small Cap TIF32 Mansion Hill
Type: Resolution Status: Passed
File created: 11/10/2014 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 12/2/2014 Final action: 12/2/2014
Enactment date: 12/3/2014 Enactment #: RES-14-00861
Title: Authorizing the Mayor and City Clerk to execute a loan agreement to fund an $80,000 Mansion Hill-James Madison Park Neighborhood Small Cap TIF Loan to Loridor LLC (Lawrie Kobza & Peter Oppeneer) to renovate the property located at 926 East Dayton Street, Madison, WI.
Sponsors: Ledell Zellers
Fiscal Note
$332,000 is authorized in the 2014 Adopted Capital budget of the Planning and Community and Economic Development agency for the TID 32 Small Cap Loan Program, Project No. 25, TID 32-(Upper State Street) Account No. 823201. The Council has previously authorized 2014 loan amounts totaling $160,000. Approval of this loan will bring total 2014 authorized loan expenditures to $240,000.
Title
Authorizing the Mayor and City Clerk to execute a loan agreement to fund an $80,000 Mansion Hill-James Madison Park Neighborhood Small Cap TIF Loan to Loridor LLC (Lawrie Kobza & Peter Oppeneer) to renovate the property located at 926 East Dayton Street, Madison, WI.
Body
WHEREAS on July 1, 2003 the Common Council of the City of Madison adopted Resolution No. 60,678, ID No. 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 Resolution No. 06-00603, ID No. 03683 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 Resolution No. 10-00758, ID No. 18993 adopting a second amendment to the boundary and Project Plan for the District as set forth by TIF Law; and

WHEREAS on August 5, 2014 (Resolution No. 14-00576, ID No. 34644) the Common Council adopted a resolution which amended both the TIF #32 Small Cap TIF Loan Program and the TIF #43 (Park-Drake) Small Cap TIF Loan Program increasing the loan amounts and changing some of the qualifying loan criteria and terms and conditions; and

NOW, THEREFORE, BE IT RESOLVED that the Common Council hereby authorizes the execution of a loan with Loridor LLC (Lawrie Kobza & Peter Oppeneer) (“Borrower”), as provided under the revised Small Cap TIF Loan Program criteria, for the rehabilitation of a property (...

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