Fiscal Note
The proposed resolution authorizes the creation of TID 56 - Grand Teton. The proposed project plan includes $17.0 million of TIF-eligible costs.
The 2027 Capital Budget Capital Improvement Program (CIP) request for the Economic Development Division (EDD) includes a total of $750,000 from 2027 - 2029 for administration and small business development costs. 2027 requests may be updated before publication fo the 2027 Executive Capital Budget and adoption of the 2027 Capital Budget by the Common Council, or agencies may request the TID funding in future CIPs based on project timelines. No additional City appropriation is required with creation of the TID and adoption of project plan and boundary.
Title
Approving the Creation of the Project Plan and Boundary for Tax Incremental District (TID) #56 (Grand Canyon), City of Madison. (District 19)
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 create 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 creation of the TID Project Plan and Boundary for TID 56 was published in the Wisconsin State Journal on May 29 and June 5, 2026 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 56; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on June 15, 2026, at which interested parties were afforded an opportunity to express their views on the proposed creation of the Project Plan and Boundary for TID 56; 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 zoned and 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 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 amended TID boundary is suitable and zoned for mixed-use 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. TID 56 (Medical Circle) is hereby declared a mixed-use district.
5. The percentage of territory devoted to retail businesses within TID 56 (Medical Circle) is under thirty-five (35%) percent.
BE IT STILL FURTHER RESOLVED that the attached Project Plan and Boundary for TID 56 (Medical Circle), City of Madison, is hereby adopted as of January 1, 2026 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.