Fiscal Note
Under terms of the City of Madison/Town of Middleton Cooperative Plan, "whenever a commercial property is attached to the City, including, but not limited to, any property on Watts Road or Seybold Road, the City shall provide revenue sharing to the Town for the first five years the City collects taxes on the property. The amount shall be based on the Town share of taxes, including room taxes, collected by the Town in the last year the Town collected taxes on the property and shall be 50% of that amount in the first year, 40% in the second, 30% in the third, 20% in the fourth and 10% in the fifth. Revenue sharing payments shall be made on or before August 15 of the year the City collects taxes on the property.” The local share of taxes for this attachment is $1,903.41. Therefore, in 2013 the City shall pay to the Town of Middleton 50% of the local tax share, or $952; in 2014, the amount shall be $761; in 2015, $571; in 2016, $381; and in 2017 the amount shall be $190. The payments will come from the General Fund Miscellaneous account and will be accommodated in future budgets.
Title
Creating Section 15.01(583) of the Madison General Ordinances entitled “City Boundaries" and being part of the chapter entitled ”Aldermanic Districts and Wards" attaching to the 19th Aldermanic District the Watts Road Attachment and creating Section 15.02(117) to assign the attached property to Ward 117 and amending Section 15.03(19) to add Ward 117 to Aldermanic District 19.
Body
DRAFTER'S ANALYSIS: This ordinance attaches land in the Town of Middleton.
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An ordinance to create Subsection (583) of Section 15.01 of the General Ordinances of the City of Madison entitled ”City Boundaries” and being part of the chapter entitled ”Aldermanic Districts and Wards”.
WHEREAS, a petition for attachment with scale map attached was filed with the City Clerk of Madison on December 15, 2011, and has bee...
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