City of Madison - File #: 51410

• File #: 51410
• Version: 1
• Name: Authorizing an allocation of up to $500,000 from the City’s Community Development Block Grant Program to remove and replace the existing roof of a business incubator owned by Common Wealth Development, Inc.
• Type: Resolution
• Status: Passed
• File created: 4/25/2018
• In control: FINANCE COMMITTEE
• On agenda: 5/15/2018
• Final action: 5/15/2018
• Enactment date: 5/21/2018
• Enactment #: RES-18-00393
• Title: Authorizing an allocation of up to $500,000 from the City’s Community Development Block Grant Program to remove and replace the existing roof of a business incubator owned by Common Wealth Development, Inc.
• Sponsors: Samba Baldeh, Maurice S. Cheeks, Matthew J. Phair, Marsha A. Rummel

Date	Ver.	Action By	Action	Result
5/15/2018	1	COMMON COUNCIL	Adopt	Pass
5/7/2018	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
5/3/2018	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
5/1/2018	1	FINANCE COMMITTEE	Refer
5/1/2018	1	COMMON COUNCIL	Refer	Pass
4/25/2018	1	Community Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes awarding $500,000 of Community Development Block Grant (CDBG) funds to Common Wealth Development, Inc. to help finance the roof replacement of Main Street Industries located at 931 East Main Street in Madison. Funding for this project will be available through unused CDBG allocations ($57,370) in the Economic Development Revolving Loan Fund administered by Common Wealth Development and CDBG program income ($442,630) in the Madison Development Corporation (MDC) Loan Fund. The MDC Loan Fund will be replenished with 2018 CDBG entitlement funds once received.
Title
Authorizing an allocation of up to $500,000 from the City’s Community Development Block Grant Program to remove and replace the existing roof of a business incubator owned by Common Wealth Development, Inc.
Body
BACKGROUND
Common Wealth Development is a local non-profit organization that provides a range of community development services supporting low- and moderate-income households in Madison and Dane County, affecting affordable housing, youth employment and small business assistance. The organization owns and manages a 50,000 square foot business incubator at 931 East Main Street, known as Main Street Industries, which it renovated in 1994 with the aid of Community Development Block Grant funding.
Main Street Industries serves a vital role in east Madison by improving economic opportunities for small businesses through the provision of quality, affordable spaces to companies that would not traditionally be able to lease market-rate space. Since its establishment, the property has supported over 150 small businesses, many of which have graduated from Main Street Industries to create hundreds of jobs.
Common Wealth Development recently completed a Capital Needs Assessment of its Main Street Industries property, which identified the replacement of the roof as the top priority item necessary to extend the property’s useful life. These requested Community...