Fiscal Note
The proposed resolution approves a Small Cap TIF loan of $100,000 to Live Here LLC, (“Borrower”) for renovation of the property located at 308 N Carroll 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. A pending resolution (File ID: 48235) will amend the 2017 Adopted Capital Budget to add $260,000 to the aforementioned programs.
The retail grant program has awarded $132,242.30 to date and the small capital loan program has awarded $90,000 to date. A State Street Retail Grant totaling $119,090 has been recommended for Council adoption (File ID: 48224). Upon Common Council adoption of the 2017 Adopted Capital Budget amendment (File ID: 48235), adoption of the aforementioned State Street Retail Grant (File ID: 48224), disbursement of $80,000 for a separately proposed Small Cap TIF loan (File ID: 48438), and disbursement of $100,000 for the Small Cap TIF loan proposed by this resolution, the remaining balance for the State Street District Improvement Retail Grant and Small Capital Loan Programs will be $178,667.70. These grant and loan programs are funded by Tax Increment District 32.
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SUBSTITUTE Approving a Small Cap TIF #32 Mansion Hill-James Madison Park Neighborhood loan of up to $100,000 to Scott Pratt & Michele Wee, Live Here LLC, Borrower(s), for the renovation of the property located at 308 N. Carroll 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.
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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-11-00...
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