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 third 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 up to $90,000 for (Park/Drake) Greenbush Small Cap TIF#43 loan to Timothy & Margaret Lehmann, Borrower(s) to purchase and/or renovate the property located at 1134 Emerald Street, Madison, WI and convert it from rental to owner-occupied housing.
Body
WHEREAS, On September 17, 2013 the Common Council adopted RES-13-00698 approving the creation of and the Project Plan and Boundary for Tax Incremental District (TID) #43 (Park/Drake), City of Madison; and
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. Res15-00343, (collectively referred to as the “Resolution”); and
WHEREAS, Timothy & Margaret Lehmann (“Borrower”) shall purchase and/or renovate the property located at 1134 Emerald Street, Madison, WI (“Property”) and be the owner-occupant(s) or sell to a “Qualified Buyer”; and
WHEREAS, after review of the Small Cap TIF application and its attachments, staff has
concluded that Small Cap TIF assistance in the amount up to $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...
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