City of Madison - File #: 66044

• File #: 66044
• Version: 1
• Name: Authorizing a Grant Commitment to Luna’s Grocery and an Amendment to the Economic Development Division Budget
• Type: Resolution
• Status: Passed
• File created: 6/15/2021
• In control: Attorney's Office
• On agenda: 7/6/2021
• Final action: 7/6/2021
• Enactment date: 7/12/2021
• Enactment #: RES-21-00485
• Title: Authorizing a Grant Commitment to Luna’s Grocery and amending the 2021 Adopted Capital Budget to transfer six hundred and ten thousand dollars ($610,000) from the Economic Development Division's Small Business Equity and Recovery Program to the Healthy Retail Access Program and to establish an additional one hundred seventy thousand dollars ($170,000) of budget authority from the Madison Capital Revolving Loan Fund to the Healthy Retail Access Program to fund the total seven hundred and eighty thousand dollar ($780,000) Grant Commitment.
• Sponsors: Tag Evers, Sheri Carter, Yannette Figueroa Cole, Syed Abbas, Charles Myadze, Nasra Wehelie, Regina M. Vidaver

Date	Ver.	Action By	Action	Result
7/6/2021	1	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
6/21/2021	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
6/15/2021	1	COMMON COUNCIL	Refer	Pass
6/15/2021	1	Attorney's Office	Referred for Introduction

Fiscal Note
The proposed resolution authorizes a $780,000 grant to Luna’s Grocery to assist with the owner’s financing for a grocery store at the redevelopment of 1402 South Park Street, pursuant to the development agreement adopted by RES-19-00819 (File 58251). The proposed grant will be funded by transferring $610,000 from the Small Business Equity and Recovery (SBER) capital program to the Healthy Retail Access Program and by establishing an additional $170,000 of budget authority to the Healthy Retail Access Program from available fund balance in the Madison Capital Revolving Loan Fund. The SBER capital program has $1.1 million in remaining budget authority and the Madison Capital Revolving Loan Fund ended fiscal year 2020 with $344,000 in unassigned fund balance.

Title
Authorizing a Grant Commitment to Luna’s Grocery and amending the 2021 Adopted Capital Budget to transfer six hundred and ten thousand dollars ($610,000) from the Economic Development Division's Small Business Equity and Recovery Program to the Healthy Retail Access Program and to establish an additional one hundred seventy thousand dollars ($170,000) of budget authority from the Madison Capital Revolving Loan Fund to the Healthy Retail Access Program to fund the total seven hundred and eighty thousand dollar ($780,000) Grant Commitment.

Body
WHEREAS on December 3, 2019, the City of Madison as authorized by Legistar #58251 selected Rule Enterprises, LLC and Movin’ Out, Inc (collectively, the “Developer”) to undertake the redevelopment of the Property; and
WHEREAS as directed by Legistar #58251 City Staff negotiated a Development Agreement (the “Development Agreement”) with the Developer to undertake said redevelopment of the Property and was subsequently executed on May 12, 2021; and
WHEREAS, the Development Agreement authorizes the sale of the Property by the City to the Developer, provided that the Developer has secured all Municipal development and zoning approvals and secured all nece...