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File #: 80813    Version: 1 Name: Golden Produce Small Cap TIF
Type: Resolution Status: Passed
File created: 11/13/2023 In control: Economic Development Division
On agenda: 12/5/2023 Final action: 12/5/2023
Enactment date: 12/13/2023 Enactment #: RES-23-00776
Title: Authorizing a loan to R.E. Golden Produce Company, Inc or its assigns in the amount of $250,000 for real estate improvements to the commercial property at 2001 Fish Hatchery Road through the TID 51 Small Cap TIF loan program using TID #51 incremental revenue as authorized in an amendment to the TID #51 Project Plan (RES 23-00208 adopted by the Common Council on March 7, 2023). (District 14)
Sponsors: Satya V. Rhodes-Conway, Isadore Knox Jr.
Related files: 78323, 75809
Fiscal Note
The proposed resolution authorizes a Small Cap TIF Loan in the amount of $250,000 to R.E. Golden Produce Company, Inc. to assist the business with real estate improvements to the commercial property at 2001 Fish Hatchery Rd. within TID 51.

The TID 51 Project Plan includes $1.5 million for Small Cap TIF Loans. The Common Council approved the TID 51 Project Plan in 2023 (RES-23-00208, Leg file 75809). Council further authorized Madison Development Corporation (MDC) to administer the program in TID 51 (RES-23-00470, Leg file 78323). One other Small Cap TIF loan in TID 51 has been approved by Council for $212,500 (RES-23-00651, Leg file 80079). At loan closing, the City shall disburse an amount equal to 15% of the principal amount of loan to MDC from Program funds for servicing, and 15% of the principal amount of the loan to MDC from Program funds for servicing and closing fees. The aggregate (30%) of all such loan fees for this loan will be $75,000.

The 2023 Adopted Capital Budget includes $3.0 million in tax increment revenues transferred from TID 26 to TID 51. No additional City appropriation is required.
Title
Authorizing a loan to R.E. Golden Produce Company, Inc or its assigns in the amount of $250,000 for real estate improvements to the commercial property at 2001 Fish Hatchery Road through the TID 51 Small Cap TIF loan program using TID #51 incremental revenue as authorized in an amendment to the TID #51 Project Plan (RES 23-00208 adopted by the Common Council on March 7, 2023). (District 14)
Body
WHEREAS, the City of Madison has created the boundary and Project Plan for Tax Incremental District (TID) #51 on March 7, 2023 RES-23-00208 (File ID Number 75809); and

WHEREAS, the intent and purpose of the Project Plan, among other things, is to attract and retain business and employment in the South Madison area generally bounded by Fish Hatchery Road, the Beltline Highway, John Nolen Drive, and Murphy Creek; and

WHEREAS, R.E. Golden Produce Com...

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