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File #: 82264    Version: 1 Name: 12891 - TID 50 Project Plan and Boundary Amendment
Type: Resolution Status: Passed
File created: 2/27/2024 In control: Economic Development Division
On agenda: 4/16/2024 Final action: 4/16/2024
Enactment date: 4/18/2024 Enactment #: RES-24-00264
Title: Approving the Amendment to the Project Plan and Boundary for Tax Incremental District (TID) #50 (State and Lake), City of Madison. (District 2, District 4, District 8)
Sponsors: Michael E. Verveer, Satya V. Rhodes-Conway
Attachments: 1. 12891 TID 50 2024 Legal Description.pdf, 2. 12891 TID 50 2024 Amendment JRB Report.pdf, 3. 12891 TID 50 2024 Project Plan and Boundary Amendment.pdf
Fiscal Note
The proposed resolution authorizes the first amendment to the TID 50 Project Plan. The amendment includes $4.8 million in TID-supported borrowing for the State Street Campus Garage (Munis project #14145), $500,000 for Hawthorne Court reconstruction, and $600,000 for sanitary sewer upsizing (Lake Street). No additional City appropriation is required.
Title
Approving the Amendment to the Project Plan and Boundary for Tax Incremental District (TID) #50 (State and Lake), City of Madison. (District 2, District 4, District 8)
Body
WHEREAS Chapter 105 of the Laws of 1975 of the State of Wisconsin created the Tax Increment Law (the “TIF Law”), Section 66.1105, Wisconsin Statutes; and

WHEREAS TIF Law sets forth certain steps which must be followed to amend a Tax Incremental Project Plan and Boundary; and

WHEREAS a Notice of Public Hearing by the Plan Commission to afford interested parties an opportunity to express their views on the amendment to the TID Project Plan and Boundary for TID 50 was published in the Wisconsin State Journal on February 23 and March 1, 2024 as required by TIF Law; and

WHEREAS prior to publication of the Notice of Public Hearing a copy of the Notice was sent by first-class mail to each of the chief executive officers or administrators of all local governmental entities having the power to levy taxes on property within the amended boundary of TID 50; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on March 11,2024, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan and Boundary for TID 50; and

WHEREAS the Plan Commission has made the following findings as indicated in the attached report:
1. No less than 50%, by area, of the real property within the TID is suited for mixed-use within the meaning of 66.1105(2), Wisconsin Statutes.
2. The improvement of such area is likely to significantly enhance the value of a substantial po...

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