Fiscal Note
The proposed resolution authorizes the 4th amendment to the TID 46 Project Plan and the 3rd boundary amendment to TID 46. The amendment adds:
$344,000 for the Westgate Affordable Housing (Phase 2) project added to the 2024 Adopted Capital Budget via legislative file 83989 (RES-24-00428);
$930,000 for a TIF loan to the Mandel Group previously added to the 2024 Adopted Capital Budget via legislative file 86170 (RES-24-00730);
$4,365,000 for a grant to the Community Development Authority via the same legislative file as above;
$132,000 for West Towne Path Phase 2 updates included in the Engineering: Bike/Ped 2025 Adopted Capital Budget (project #12614);
$750,000 for small business assistance within the district. Legislative file 86986 amends the 2025 Adopted Capital Budget for the Economic Development Division to add $750,000 within the TID 46 capital program (program #99009);
$4.0 million for the West Towne ponds and Regent St culvert reconstruction project which will be included in the Stormwater Utility's 2026 Capital Budget request within the Citywide Flood Mitigation capital program (program #11513);
$5.0 million for the Mineral Point Rd/Tree Ln reconstruction project slated for 2026 as part of Engineering: Major Streets 2025 Adopted CIP (project #11131); and,
$1.0 million to support a development project at 6101 Mineral Point Rd.
No additional City appropriation required with approval of this project plan and boundary amendment.
Title
Approving the Amendment to the Project Plan and Boundary for Tax Incremental District (TID) #46 (Research Park), City of Madison. (District 11, 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 amend a Tax Incremental Project Plan and Boundary; and
WHEREAS a Notice of Public Hearing by the Plan Commission to afford intereste...
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