Fiscal Note
As part of a Cooperative Plan between the City of Madison (City) and the Town of Blooming Grove (Town), a 70-acre piece of property is to be developed jointly between the two municipalities. Under the arrangement, the property would initially develop in the Town on City water and sewer; eventually transitioning to the City after a period of time. The proposed resolution allows the property to be attached to the City sooner than is allowed in the current plan and establishes a revenue sharing agreement if this occurs. Under this revenue sharing agreement, the City would pay 50% of local tax revenue from the property to the Town through 2027. If the property is moved into a Tax Incremental District (TID), the City would pay to the Town 50% of local revenue that would have been collected against the property if it was not in the TID. Any revenue sharing arrangements occurring from this resolution would need to be reflected in future budgets.
Title
Authorizing the City to Enter into an Intermediate Attachment and Revenue Sharing Agreement with the Town of Blooming Grove.
Body
WHEREAS, on June 21, 2006, the City and the Town of Blooming Grove (the “Town”) entered into the “Town of Blooming Grove and City of Madison Cooperative Plan under Section 66.0307, Wisconsin Statutes” (the “Cooperative Plan”), which Cooperative Plan was approved by the Department of Administration, as required by Wis. Stat. Sec. 66.0307(5), on October 3, 2006; and,
WHEREAS, the Cooperative Plan provides for a series of attachments of Town territory to the City during the planning period, including immediate attachments, intermediate attachments, phased attachments and a final attachment of all the territory remaining in the Town to occur at 11:59 p.m. on October 31, 2027, at which point the Town will dissolve; and,
WHEREAS, the Cooperative Plan also set aside a 70-acre piece of property north of Milwaukee Street and along and including the East Branch of Starkweather Creek as...
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