Fiscal Note
See Economic Feasibility Section of the Project Plan.
Title
Creating Tax Incremental Finance (TIF) District #40 (Northside Madison) City of Madison and approving a Project Plan and Boundary for said TIF District.
Body
WHEREAS Chapter 105 of the Laws of 1975 of the State of Wisconsin created the Tax Increment Law, Section 66.1105, Wisconsin Statutes; and
WHEREAS said Law sets forth certain steps which must be followed to create a Tax Incremental Finance District and approve a Project Plan; and
WHEREAS Tax Incremental Finance District #40 is described below; 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 District and the Project Plan for Tax Incremental Finance District #40 was published in the Wisconsin State Journal on July 31 and August 7, 2009 as required by said 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 proposed Tax Incremental Finance District #40; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on August 17, 2009, at which interested parties were afforded an opportunity to express their views on the proposed Project Plan for Tax Incremental Finance District #40; 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 such Tax Incremental District is blighted within the meaning of 66.1101(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 such District.
3. The project costs as described in the Project Plan relate directly to promoting blight elimination in the area consistent with the purpose for which the Tax Incremental District is created.
4. The aggregate value of equalized taxable property of the District, plus all existing districts, does not exceed 12% of the total value of equalized taxable property within the City.
5. Tax Incremental Finance District #40 (Northside Madison) is hereby declared a blighted area district.
WHEREAS the Plan Commission has determined that this District meets the basic requirements of City TIF Policy for tax incremental district proposals adopted by the Common Council on April 17, 2001 and amended on March 31, 2009 (insofar as they are applicable to the creation of a district and 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 District 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 such Tax Incremental District is blighted within the meaning of Section 66.1101(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 such District.
3. The project costs as described in the Project Plan relate directly to promoting blight elimination in the area consistent with the purpose for which the Tax Incremental District is created.
4. The aggregate value of equalized taxable property of the District, plus all existing districts, does not exceed 12% of the total value of equalized taxable property within the City.
5. Tax Incremental Finance District #40 (Northside Madison) is hereby declared a blighted area district.
BE IT FURTHER RESOLVED that Tax Incremental Finance District #40 (Northside Madison), City of Madison, is hereby created as of January 1, 2009, and that the boundaries for said District are as below-described and as described in the Project Plan and that the boundaries of said District include only whole units of property assessed for general property tax purposes.
BE IT STILL FURTHER RESOLVED that the attached Project Plan for Tax Incremental Finance District #40 (Northside Madison), City of Madison, is hereby adopted as the Project Plan for said District and such plan is feasible and in conformity with the Master Plan and the Economic Development Plan for the City of Madison and will add to the sound growth of the City.