Fiscal Note
The proposed $250,000 loan will be funded by the Small Business Equity and Recovery capital program in the Economic Development Division’s capital budget, which currently has $1.5 million of available budget authority. No additional City appropriation is required.
Title
Providing Patterson and Richardson Properties, LLC a $250,000 loan to purchase a commercial property at 550 Grand Canyon Drive through the Commercial Ownership Assistance program using the Small Business Equity and Recovery Program (SBER) funds and authorizing the Mayor and City Clerk to sign an agreement with Patterson and Richardson Properties, LLC for that purpose. (19th AD)
Body
WHEREAS, Data shows that while Communities of Color represent approximately 27% of the City of Madison’s population, business ownership rates for People of Color are much lower (between 3-9% using varying metrics) within the City; and
WHEREAS, business and property ownership is a vital pathway to economic empowerment. For Madison to make meaningful progress in addressing racial disparities the City must go beyond programs focused on addressing basic needs, and direct more resources and strategies toward building wealth and economic empowerment among communities that are not sharing in the City’s prosperity; and
WHEREAS, Patterson and Richardson Properties, LLC are two business owners, a barbershop JP Hair Design 100% African American owned and KnitCircus Yarns 100% Woman and LGBTQ+ owned that are presently located within the property. In purchasing this property, they will ensure ownership that except and celebrate the diversity of tenants. The businesses have been in operation for twenty-five and seven respectively; and
WHEREAS, Patterson and Richardson Properties, LLC would utilize Commercial Ownership Assistance funds to assist with the acquisition of the property located at 550 Grand Canyon Drive, hereby meeting the requirements of the Commercial Ownership Assistance (COA) Program; and
WHEREAS, ...
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