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File #: 38987    Version: 1 Name: Authorizing the Mayor and City Clerk to execute a loan agreement to fund a $90,000 (Park/Drake) Greenbush Housing Small Cap TIF #43 loan to Ryan & Kara O’Connor, Borrower(s) to purchase and renovate the property located at 1027-1029 Chandler Street, Madis
Type: Resolution Status: Passed
File created: 6/17/2015 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 8/4/2015 Final action: 8/4/2015
Enactment date: 8/5/2015 Enactment #: RES-15-00646
Title: Authorizing the Mayor and City Clerk to execute a loan agreement to fund a $90,000 (Park/Drake) Greenbush Housing Small Cap TIF #43 loan to Ryan & Kara O’Connor, Borrower(s) to purchase and renovate the property located at 1027-1029 Chandler Street, Madison and convert it from rental to owner-occupied housing.
Sponsors: Sara Eskrich
Fiscal Note
$500,000 is authorized in the 2015 DPCED Adopted Capital budget for the TID #43 Small Cap Loan Program, Project No. 34 TID #43 (Park/Drake) Account No. 824301. If approved, this will be the first loan under the program.

($90,000) 14206643-54835-00000 TID 43 PARK/DRAKE LOANS
Title
Authorizing the Mayor and City Clerk to execute a loan agreement to fund a $90,000 (Park/Drake) Greenbush Housing Small Cap TIF #43 loan to Ryan & Kara O’Connor, Borrower(s) to purchase and renovate the property located at 1027-1029 Chandler Street, Madison and convert it from rental to owner-occupied housing.
Body
WHEREAS, on August 5, 2014, the Common Council adopted Enactment No. RES-14-00577 that authorized the creation of the Greenbush Housing Renovation Program (“Program”) and set terms for the administration of the Program, which were subsequently amended by Enactment No. Res-15-00343, (collectively referred to as the "Resolution"). Under the terms of the Program, the City could provide funding for the purchase and/or renovation of rental property to owner occupied properties.

WHEREAS, Ryan & Kara O’Connor (“Borrower”) shall purchase and/or renovate the property location at 1027-1029 Chandler Street, Madison (“Property”) and be the owner-occupant(s) or sell to a “Qualified Buyer”;

WHEREAS, after review of the Small Cap TIF application and its attachments, staff has concluded that Small Cap TIF assistance in the amount of $90,000 would stimulate the rehabilitation and conversion of the Property into owner-occupied housing as set forth in the adopted Small Cap TIF program for TID #43; and

WHEREAS in addition to any other powers conferred by law, the City may exercise any power necessary and convenient to carry out the purpose of the TIF law, including the power to cause Project Plans to be prepared, to approve such plans, and to implement the provision that effectuate the purpose of such plans; and

NOW, THEREFORE, BE IT RESOLVED that the City hereby finds an...

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