Fiscal Note
The proposed resolution approves a Small Cap TIF loan of $90,000 to 817 East Gorham, LLC for renovation of the property located at 817 E. Gorham Street in the Mansion Hill-James Madison Park Neighborhood. This renovation includes conversion from rental to owner-occupied housing. The 2017 Adopted Capital Budget includes $440,000 for the State Street District Improvement Retail Grant and Small Capital Loan Programs in Tax Increment District 32. Council adopted RES-17-00733 (Legistar File 48235) amended the 2017 Adopted Capital Budget to add $260,000 to the aforementioned programs.
The retail grant program has awarded $251,332.30 to date and the small capital loan program has awarded $270,000 to date. Disbursement of $90,000 for the Small Cap TIF loan proposed by this resolution leaves a remaining balance of $88,667.70 for the State Street District Improvement Retail Grant and Small Capital Loan Programs. These grant and loan programs are funded by Tax Increment District 32.
Title
Approving a Small Cap TIF #32 Mansion Hill-James Madison Park Neighborhood loan of up to $90,000 to 817 East Gorham, LLC Borrower(s) for the renovation of the property located at 817 East Gorham Street, Madison, WI and its conversion from rental to owner-occupied housing; and authorizing the Mayor and City Clerk to execute a loan agreement with the Borrower(s) to effectuate this transaction.
Body
Approving a Small Cap TIF #32 Mansion Hill-James Madison Park Neighborhood loan of up to $90,000 to 817 East Gorham, LLC Borrower(s), for the renovation of the property located at 817 E. Gorham Street, Madison, WI and its conversion from rental to owner-occupied housing; and authorizing the Mayor and City Clerk to execute a loan agreement with the Borrower(s) to effectuate this transaction.
BACKGROUND
The Mansion Hill-James Madison Park Neighborhood program, part of the approved plan for Tax Incremental District #32 (Upper State Street) was created on January 2011 (RES-11-00042,...
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