Fiscal Note
The proposed resolution dissolves Tax Increment District (TID) #25. No City appropriation is required for the dissolution of TID #25.
Title
Dissolving Tax Incremental District (TID) #25 (Wilson Street Corridor).
Body
WHEREAS, on September 19, 1995, the Madison Common Council created Tax Incremental District (TID) #25 (Wilson Street Corridor). A project plan was prepared, identifying various types of public improvements and private development that could be undertaken in the TID. The City did undertake public improvement projects and provide financial assistance to promote business and commercial to assist in-fill redevelopment. The City of Madison has now recovered its costs through tax increments, donated tax increments, and developer tax increment guaranty payments. State Statute requires that when a municipality recovers its cost within the statutory life of the district, the district shall be dissolved; and
WHEREAS, the Tax Increment Base Value in TID #25 as of January 1, 1995 was $38,606,700. The current equalized value as of January 1, 2021 is $236,001,600, representing a property value growth of $197,394,900. The $67,318,804 of project costs have been recovered in 26 years; and
WHEREAS, on August 31, 2021 the Common Council of the City of Madison adopted RES 21-00593 extending the life of TID #25 for twelve months to collect an extra year’s tax increment, as allowable in TIF Law, for the purpose of creating affordable housing and improving City housing stock, in 2022, such tax increment being estimated at approximately $4.9 million.
NOW, THEREFORE BE IT RESOLVED that Tax Incremental District #25 (Wilson Street Corridor) is hereby terminated, and City staff is authorized to transmit any information to the State of Wisconsin, as required by law, to carry out the purposes of this Resolution.