Fiscal Note
The proposed resolution authorizes the creation of TID 55 - Voit and its proposed project plan and boundary. The project plan includesa total of $8,552,000 in TID-supported borrowing for the following: $3,887,000 for future development loans, $4,165,000 for land acquisition, and $500,000 for administration costs. The Economic Development Division's 2026 Capital Budget request includes $2,050,000 in 2026 for development loans and land improvements. Use of this funding is contingent upon adoption of the 2026 Capital Budget by Common Council in addition to approval of this project plan amendment. Additional City costs associated with urban development in this area will be included in future capital budgets subject to Common Council approval. Financing costs associated with the creation of this TID are estimated at $2,351,000. No additional City appropriation is required with adoption of this project plan amendment.
Title
Approving the Project Plan and Boundary for Tax Incremental District (TID) #55 (Voit), City of Madison. (District 15)
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 55 was published in the Wisconsin State Journal on June 6, 2025 and June 13, 2025 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 55; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on June 23, 2025, at which interested parties were afforded an opportunity to express their views on the proposed creation of the Project Plan and Boundary for TID 55; 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 suitable and zoned 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 project costs in the Project Plan relate directly to promoting mixed-use development
4. 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.
5. TID 55 (Voit) is hereby declared a mixed-use district.
6. Less than 35% of the TID is proposed for newly platted residential development. Newly platted residential development that is included in project costs will have a density of the residential housing that is at least 3 units per acre, meeting the requirements of Wis. Stat s. 66.1105(2)(f)3.
7. The percentage of territory devoted to retail businesses within TID 55 (Voit) is under thirty-five (35%) percent and is estimated to remain under 35% at the end of the expenditure period
BE IT STILL FURTHER RESOLVED that the attached Project Plan and Boundary for TID 55 (Voit), City of Madison, is hereby adopted as of January 1, 2025 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.