City of Madison - File #: 48225

• File #: 48225
• Version: 1
• Name: 11268 TID 46 - 2017 Project Plan & Boundary Amendment
• Type: Resolution
• Status: Passed
• File created: 7/25/2017
• In control: FINANCE COMMITTEE
• On agenda: 9/19/2017
• Final action: 9/19/2017
• Enactment date: 9/21/2017
• Enactment #: RES-17-00763
• Title: Approving the Amendment to the Project Plan and Boundary for Tax Incremental District (TID) #46 (Research Park), City of Madison.
• Sponsors: Mark Clear, Maurice S. Cheeks

Date	Ver.	Action By	Action	Result
9/19/2017	1	COMMON COUNCIL	Adopt	Pass
9/11/2017	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
8/28/2017	1	PLAN COMMISSION	Return to Lead with the Recommendation for Approval	Pass
8/1/2017	1	FINANCE COMMITTEE	Refer
8/1/2017	1	COMMON COUNCIL	Refer	Pass
7/25/2017	1	Economic Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes an amendment to the project plan for TID 46- Research Park. The amendment increases funding available for development loans and financing costs within the District by $6.0m. Additional funding within the district was generated from the Illumina project. The project plan, as amended in this proposal, identifies the following development loans:
· $3.4m for Exact Sciences
· $1.89m for Illumina
· $1.74m for future development loans

The amounts listed above will be modified when the development loans are finalized. Those loans will be authorized by future Council action.
Title
Approving the Amendment to the Project Plan and Boundary for Tax Incremental District (TID) #46 (Research Park), City of Madison.
Body
WHEREAS Chapter 105 of the Laws of 1975 of the State of Wisconsin created the Tax Increment Law, Section 66.1105, Wisconsin Statutes; and

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

WHEREAS the first amendment to the boundary of Tax Incremental District (TID) #46 is described below; 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 #46 was published in the Wisconsin State Journal on July 7 and July 14, 2017 as required by said 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 #46; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on July 24, 2017, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan and Boundary for TID #46; and

WHEREAS the Pl...