Fiscal Note
The proposed resolution adds the Downtown Recovery Program to the Façade Improvement Grant program. The 2020 Adopted Capital Budget includes $125,000 for the Façade Improvement Grant program. In 2020, this entire program was funded through reserves in the Capital Revolving Loan Fund. The current balance of the 2020 appropriation is approximately $60,000. This resolution does not increase the overall funding amount for the program in 2020, or transfer additional funding from other capital sources. Instead, the resolution expands eligibility under the current Façade Improvement program to fund building repairs in the Downtown.
Title
ALTERNATE - Amending Resolution Substitute Resolution No.61179 relating to the purposes of the Façade Improvement Grant Fund add a stated purpose of Downtown Recovery.
Body
WHEREAS on State Street alone, 70 percent of businesses are locally owned and operated, and 62 percent of businesses are owned by people of color and women; and,
WHEREAS, these businesses also employ many Madisonians, including a number of people of color and women; and,
WHEREAS, the COVID-19 shutdown and recent activity has prompted 41 business owners to indicate in a recent survey that they will find it difficult to reopen and could close permanently; and,
WHEREAS, this area is a substantial economic driver for our City and our residents want to ensure its survival, and
WHEREAS, according to the Downtown Plan, we aim to make this a magnet for a diverse population working, living, visiting, and enjoying an urban environment; and,
WHEREAS, a going concern for downtown Madison is critical in continuing to attract new jobs, residents and visitors; and,
WHEREAS, we wish to support the survival of the retail and service environment; and,
WHEREAS, the City of Madison desires to provide financial assistance to existing downtown businesses as the first step toward promoting a more equitable downtown recovery; and,
WHEREAS, on February 3, 2004, the Co...
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