Title
RESOLUTION APPROVING THE CREATION OF THE PROJECT PLAN AND BOUNDARY FOR TID #47 (SILICON PRAIRIE)
Body
WHEREAS, the Tax Increment Finance District Joint Review Board for TID #47 held an organizational meeting on August 30, 2017 for the purpose of receiving an overview on the proposed Project Plan and boundary; and
WHEREAS, the City of Madison Plan Commission held a public hearing regarding the creation of the Project Plan and boundary for TID #47 on August 28, 2017 for the purpose of hearing public comment on the proposed Project Plan and boundary; and
WHEREAS, the Plan Commission of the City of Madison recommended adoption of a resolution creating said Project Plan and boundary on August 28, 2017; and
WHEREAS, the Common Council of the City of Madison adopted Resolution No. RES-17-0064, I.D. No. 48231 on September 19, 2017 approving said Project Plan and boundary for said district; and
WHEREAS, the Joint Review Board met on October 4, 2017 to review the record and found that but for the creation of TID #47, the projects described therein would not occur; and
WHEREAS, the Joint Review Board for TID #47 has considered the creation of the Project Plan in light of the requirements of Sec 66.1105(4m) Wis. Stats., specifically including the criteria identified under Sec 66.1105(4m)(c)(1), Wis. Stats., and
WHEREAS, the Joint Review Board has determined that the economic benefits of the proposed tax incremental district, as measured by increased employment, business and personal income and property value, are sufficient to compensate for the cost of the proposed improvements; and
WHEREAS, the Joint Review Board has determined that the benefits of the proposal outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing jurisdictions, and
WHEREAS, the Joint Review Board examined the Common Council resolution that approved the project plan and boundary for said district.
NOW, THEREFORE BE IT RESOLVED, that the Tax...
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