Fiscal Note
The proposed resolution authorizes a project plan amendment to TID 53 - East Wilson. The amendment includes an additional $1,666,000 in TID-supported borrowing for a development loan for an affordable housing project located at 501 E Washington Ave. The Economic Development Division's 2026 Capital Budget request includes this TID-supported borrowing in the TID 53 WIlson Street program (program #99016). 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.The proposed amendment brings the total of TIF-supported costs to $15,326,000 with a total financing cost of $4,189,000. No additional City appropriation is required with adoption of this project plan amendment.
Title
Approving the Amendment to the Project Plan and Boundary for Tax Incremental District (TID) #53 (East Wilson St), City of Madison. (District 2, District 4, District 6)
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 interested parties an opportunity to express their views on the amendment to the TID Project Plan and boundary for TID 53 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 amended boundary of TID 53; 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 vie...
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