Fiscal Note
The proposed resolution authorizes the project plan for TID 47-Silicon Valley. The proposed plan identifies $3.0m in planned projects and $785,000 for financing costs associated with the projects. Planned projects within the district include:
· $2.5m for development loans
· $500,000 for administrative and professional costs
On May 2nd the Common Council adopted Legistar file ID 46865 authorizing a $595,000 development to Extreme Engineering. This amendment is consistent with the amount identified in the proposed project plan.
Title
Approving the Creation of the Project Plan and Boundary for Tax Incremental District (TID) #47 (Silicon Prairie), City of Madison.
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 District and approve a Project Plan and Boundary; and
WHEREAS Tax Incremental District (TID) #47 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 TID Project Plan and Boundary for TID #47 was published in the Wisconsin State Journal on July 7 and July 14, 2017 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 TID #47 Boundary; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on July 24, 2017, at which interested parties were afforded an opportunity to express their views on the proposed creation of the Project Plan and Boundary for TID #47; and
WHEREAS the Plan Commission has made the following findings as indicated in the attached report:
1. No less than 50%, by...
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