Fiscal Note
The proposed resolution authorizes a project plan amendment to TID 46 (Research Park, created in 2015). The proposed plan amendment is intended to provide additional Jobs TIF assistance to Exact Sciences. Under the proposal, the plan amendment will authorize a $2,086,000 loan for phase three of the Exact Science project. If approved, the project plan will now authorize $9,076,000 for development loans in TID 46.
This is the second plan amendment in TID 46. The first was approved in 2017 authorizing a development loan for Illumina.
Title
Approving the Amendment to the Project Plan 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 (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 and Boundary for TID #46 was published in the Wisconsin State Journal on October 5, 2018 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 amended boundary of TID #46; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on October 15, 2018, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID #46; 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 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 finds that:
1. No less than 50%, by area, of the real property within the TID is suitable 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. The project costs relate directly to promoting mixed-use development.
5. TID #46 (Research Park) is hereby declared a mixed use district.
BE IT STILL FURTHER RESOLVED that the attached amended Project Plan for TID #46 (Research Park), City of Madison, is hereby adopted 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.
LEGAL DESCRIPTION (Original TID Boundary)
Located in the Northeast, Northwest, Southwest and Southeast Quarters of the Northwest Quarter of Section 30 and in the Northeast, Northwest, Southwest and Southeast Quarters of the Northeast Quarter of Section 30, Township 07 North, Range 09 East, City of Madison, Dane County, Wisconsin, more fully described as follows:
Beginning at the northwest corner of Lot 1, Certified Survey Map Number 13757, also being the east right of way line of South Whitney Way;
thence easterly along the north line of said Lot 1, 611 feet, more or less, to a bend in said north line;
thence northeasterly along said north line, 170 feet, more or less, to the northeast corner of said Lot 1, also being the westerly right of way of Science Drive;
thence easterly 84 feet, more or less, to the easterly right of way of said Science Drive, also being the northwest corner of Lot 4, University Research Park University of Wisconsin Madison;
thence southerly along said easterly right of way, 984 feet, more or less, to the easterly extension of the south line of Warranty Deed, also being the easterly extension of the north line of Warranty Deed;
thence westerly along said easterly extensions, also along said south line, also along said north line, 442 feet, more or less, to the southwest corner of said Warranty Deed3, also to the northwest corner of said Warranty Deed4, also to the east line of Warranty Deed;
thence northeasterly along said east line and along the west line of said Warranty Deed3 for the next (2) courses, 109 feet, more or less;
(1) thence northwesterly, 118 feet, more or less;
(2) thence northeasterly, 144 feet, more or less, to the northwest corner of said Warranty Deed3, to the northeast corner of said Warranty Deed5, and to the south line of aforementioned Lot 1;
thence southwesterly along said south line, 256 feet, more or less, to the southern most corner of said Lot 1;
thence northwesterly along said south line, 211 feet, more or less, to a bend in said south line;
thence northwesterly along said south line, 310 feet, more or less, to the southwest corner of said Lot 1 and to the aforementioned east right of way of South Whitney Way;
thence southerly along said east right of way, 1575 feet, more or less, to the south right of way of Tokay Boulevard;
thence westerly along said south right of way, 1871 feet, more or less, to the southerly extension of the west line of Warranty Deed, also to the southerly extension of the east line of Warranty Deed;
thence northerly along said southerly extensions, and along said east and west lines for the next (2) courses, 485 feet, more or less;
(1) thence northwesterly, 68 feet, more or less;
(2) thence northerly, 300 feet, more or less, to the south right of way of Research Park Boulevard;
thence continuing along the northerly extension of the west line of said Warranty Deed, 78 feet, more or less, to the north right of way of said Research Park Boulevard;
thence easterly and northeasterly along said north right of way, 1459 feet, more or less, to the west right of way of Charmany Drive;
thence northerly along said west right of way, 755 feet, more or less, to the northeast corner of Warranty Deed;
thence westerly along the north line of said Warranty Deed8, 195.6 feet, more or less;
thence northwesterly along said north line, 93.7 feet, more or less to the northwest corner of said Warranty Deed8, also to the east line of Warranty Deed;
thence northerly along said east line, 44.1 feet, more or less, to the northeast corner of said Warranty Deed;
thence northwesterly along the north line of said Warranty Deed, 119.8 feet, more or less to a bend point in said line;
thence northwesterly along said north line, 163.3 feet, more or less, to a bend point in said line;
thence westerly along said north line, 78.2 feet, more or less, to the east right of way of South Rosa Road;
thence southerly and southwesterly along said east right of way, 1160 feet, more or less to the southeasterly extension of the southwesterly right of way of Woodford Drive;
thence northwesterly along said southeasterly extension, along said southwesterly right of way, and along the westerly right of way of said Woodford Drive, 1869 feet, more or less, to the south right of way of Mineral Point Road;
thence northerly at perpendicular measure to the northerly right of way of said Mineral Point Road, 120 feet, more or less, to said north right of way;
thence easterly along said north right of way, 1038 feet, more or less;
thence southerly at perpendicular measure to the aforementioned south right of way of Mineral Point Road, 120 feet, more or less, to the intersection of the east right of way of aforementioned South Rosa Road with said south right of way of Mineral Point Road;
thence southerly along said east right of way, 465 feet, more or less, to the north right of way of aforementioned Charmany Drive;
thence easterly along said north right of way line, 612 feet, more or less, to the southwest corner of Lot 1, Certified Survey Map Number 10343;
thence northeasterly along the west line of said Lot 1,135.5 feet, more or less, to a bend in said west line;
thence northerly along said west line, 357.6 feet to the northwest corner of said Lot 1;
thence continuing northerly along the northerly extension of said west line, 140 feet, more or less, to the aforementioned north right of way of Mineral Point Road;
thence easterly along said north right of way, 943 feet, more or less, to the easterly right of way of aforementioned South Whitney Way;
thence southeasterly along said easterly right of way, 892 feet, more or less, to the point of beginning.
LEGAL DESCRIPTION (TID Boundary Amendment #1 - 2017)
A parcel of land located in the Northwest and Southwest Quarters of the Northwest Quarter of Section 30, Township 07 North, Range 09 East and in the Northeast, Southwest and Southeast Quarters of the Northeast Quarter and in the Northeast, Northwest and Southwest Quarters of the Southeast Quarter of Section 25, Township 07 North, Range 08 East, all in the City of Madison, Dane County, Wisconsin, more particularly described as follows:
Beginning at the intersection of the east right of way of South Rosa Road and the southeasterly extension of the southwesterly right of way of Woodford Drive;
thence northwesterly, along said southeasterly extension, along said southwesterly right of way, and along the westerly right of way of said Woodford Drive, 1869 feet, more or less, to the south right of way of Mineral Point Road;
thence northerly, at perpendicular measure to the northerly right of way of said Mineral Point Road, 120 feet, more or less, to said north right of way;
thence westerly, along said north right of way, 565 feet, more or less, to the intersection with the northerly extension of the westerly line of CSM 14488;
thence southerly, along the said northerly extension, 120 feet, more or less, to the aforementioned south right of way of Mineral Point Road;
thence southerly, along the westerly line of CSM 14488, 399.91 feet, to a bend point in said westerly line;
thence westerly, along said westerly line, 321.77 feet, to a bend point in said westerly line;
thence southerly, along said westerly line, 529.95 feet, to a bend point in said westerly line;
thence westerly, along said westerly line, 660.10 feet, to a bend point in said westerly line;
thence southerly, along said westerly line, 851.33 feet, to a bend point in said westerly line;
thence southerly, along said westerly line, 560 feet, more or less, to the northeasterly line of Lot 11, 6300 Odana Office Park;
thence northwesterly, along said northeasterly line, 55.77 feet, to the northerly corner thereof;
thence southwesterly, along the northwesterly line of said Lot 11, 190 feet, to the northeasterly right of way of Odana Road;
thence southwesterly, 80 feet, more or less, to the southerly right of way of Odana Road, at the north corner of Lot 1, CSM 13737;
thence southwesterly, along the westerly line of said Lot, 212.07 feet, to a bend point in said westerly line;
thence southwesterly, along said westerly line, 91.45 feet, to the northerly right of way of the W. Beltline Highway;
thence westerly, along said northerly right of way, 980 feet, more or less, to the west line of the Southeast Quarter of said Section 25;
thence southerly, along said west line, 1300 feet, more or less, to the southwesterly right of way of Rayovac Drive;
thence easterly, southeasterly and southerly, along said southwesterly right of way and its southerly extension, 1790 feet, more or less, to the southerly right of way of Schroeder Road;
thence easterly, along said southerly right of way, 885 feet, more or less, to the southerly extension of the easterly right of way of Forward Drive;
thence northerly, along said southerly extension and easterly right of way and northerly extension of its centerline and the west line of Lot 1, CSM 2777, 2700 feet, more or less, to the southerly right of way of Odana Road;
thence easterly, along said southerly right of way, 600 feet, more or less, to the southwesterly extension of the southeasterly right of way of Research Park Boulevard;
thence northeasterly, along said southwesterly extension and southeasterly right of way, 1860 feet, more or less, to the intersection with the west line of Warranty Deed;
thence northerly, along the northerly extension of the west line of said Warranty Deed, 78 feet, more or less, to the north right of way of Research Park Boulevard;
thence northwesterly, along said north right of way, 55 feet, more or less, to the east right of way of South Rosa Road;
thence northerly, along said east right of way, 225 feet, more or less, to the Point of Beginning.
Also,
Lots 43-44, and part of Lot 42, University Research Park, University of Wisconsin-Madison, Second Addition, more particularly described as follows:
Beginning at the intersection of the north right of way of Research Park Boulevard and the west right of way of Charmany Drive;
thence northerly, along said west right of way, 755 feet, more or less, to the northeast corner of Warranty Deed;
thence westerly, along the north line of said Warranty Deed, 195.6 feet, more or less;
thence northwesterly, along said north line, 93.7 feet, more or less to the northwest corner of said Warranty Deed, also to the east line of Warranty Deed;
thence northerly, along said east line, 44.1 feet, more or less, to the northeast corner of said Warranty Deed;
thence northwesterly, along the north line of said Warranty Deed, 119.8 feet, more or less to a bend point in said line;
thence northwesterly, along said north line, 163.3 feet, more or less, to a bend point in said line;
thence westerly, along said north line, 78.2 feet, more or less, to the east right of way of South Rosa Road;
thence southerly, along said east right of way, 685 feet, more or less, to the south line of said Lot 44;
thence southeasterly, along the said south line, 540.00 feet, to a bend point in said south line;
thence southeasterly, along said south line, 442.32 feet, to the west right of way of Charmany Drive and the Point of Beginning.
Also,
Lots 4-5, University Research Park, University of Wisconsin-Madison; Lot 30, University Research Park, University of Wisconsin-Madison, First Addition; Lot 1, CSM 5417; and that part of the Southeast Quarter (SE 1/4) of the Northeast Quarter (NE 1/4) of Section 30, Township 07 North, Range 09 East, City of Madison, Dane County, Wisconsin, more particularly described as follows:
Commencing at the southeast corner of Lot 1, CSM 5417, thence S 89 14' 52" West 313.5 ft. along the south line of said Lot 1 to the Point of Beginning; thence S 44° 16' 04" W, 46.66 feet; thence N 45° 43' 56" W, 46.63 feet to the south line of said Lot 1; thence N 89 14' 52" E, along the south line of said Lot 1, 65.97 ft. to the Point of Beginning.