Fiscal Note
The proposed resolution approves the fifth amendment to the TID 42 Project Plan. The amendment includes the use of $1.6 million in donated increment from TID 44 Royster Clark to fund CDA revitalization activities in TID 42 Wingra at the Village on Park (Munis project #13624). No additional City appropriation required.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) #42 (Wingra), City of Madison. (District 13, District 14)
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
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 for TID 42 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 boundary of TID 42; 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 for TID 42; 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 blighted 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 portion of the other real property in the TID.
3. The aggregate value of equalized taxable property of the TID, plus all existing TIDs, does not exceed 12% of the total value of equalized taxable property within the City.
WHEREAS the Plan Commission has determined that the TID meets the basic requirements of City TIF Policy for tax incremental district proposals adopted by the Common Council on April 17, 2001, amended on March 31, 2009, and amended again on February 25, 2014 (insofar as they are applicable to the amendment of a project plan), conforms to the Comprehensive Plan for the City of Madison and is consistent with the review criteria adopted at the same time, specifically, that the TID supports economic development activities intended to stabilize and diversify the City’s economic base.
NOW THEREFORE BE IT RESOLVED that the Common Council of the City of Madison hereby confirms and adopts the above recitals and finds that:
1. No less than 50%, by area, of the real property within the TID boundary is blighted within the meaning of Section 66.1105(2), Wisconsin Statutes.
2. The improvement of such area is likely to significantly enhance the value of a substantial portion of the other real property in the TID.
3. The aggregate value of equalized taxable property of the TID, plus all existing TIDs, does not exceed 12% of the total value of equalized taxable property within the City.
4. The project costs relate directly to eliminating blight.
5. TID 42 (Wingra) is hereby declared a blighted area district.
6. The percentage of territory devoted to retail businesses within TID 42 (Wingra) is under thirty-five (35%) percent.
7. TID 44 (Royster Clark), the Donor TID, and TID 42 (Wingra), the Recipient TID, have the same overlying taxing jurisdictions.
8. TID 44 (Royster Clark) has sufficient revenue to pay for all current costs.
9. TID 44 (Royster Clark) has sufficient surplus tax increments to donate $1,600,000 to TID 42 (Wingra), the Recipient TID.
10. The Recipient TID, TID 42 (Wingra), is a blighted area TIDs as defined in State Statute 66.1105(6)(f)2.
11. The boundaries of TID 42 (Wingra) are not changing.
BE IT STILL FURTHER RESOLVED that the attached amended Project Plan for TID 42 (Wingra), City of Madison, is hereby adopted as of January 1, 2024 as the Project Plan for said District and such plan is feasible and in conformity with the Comprehensive Plan for the City of Madison and will add to the sound growth of the City.