Fiscal Note
The proposed resolution authorizes a project plan amendment to TID 51 - South Madison. The plan amendment reallocates $25.0 million to assist housing development in the S Park St corridor from other projects within the project plan. Reallocations in the plan include: $9.0 million from the South Madison Transfer Point project; $6.0 million from the Village on Park Improvements project; $5.0 million from rental development loans; and, $5.0 million from loans for affordable owner-occupied units.
CDA Redevelopment's existing capital budget authority includes $15.0 million in TID 51 increment funding for the South Madison Redevelopment project (project #14431). In the project plan, this $15.0 million was reflected in the South Madison Transfer Point and Village on Park Improvements project lines. The Community Development Division's (CDD) existing capital budget authority includes $8.0 million in TID 51 increment funding for Affordable Housing - Development Projects (program #17110); the agency's 2027 request includes an additional $2.5 million in TID 51 increment funding for the same program. In the project plan, this $10.5 million was reflected in the financial assistance to rental development and Parker Place Apt loan project lines. Of this $10.5 million for Affordable Housing - Development Projects, $5.0 million will fund the South Madison Redevelopment project. The $5.0 million being reallocated in the project plan amendment from loans for affordable owner-occupied units has not been authorized in previous capital budgets and will need to be authorized in the Capital Budget by Common Council in the future.
No additional City appropriation is required with adoption of this project plan amendment at this time.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) #51 (South Madison), City of Madison. (District 14)
Body
WHEREAS Chapter 105 of the Laws of 1975 of the State of Wisconsin created the Tax Increment Law (the...
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