City of Madison - File #: 38083

• File #: 38083
• Version: 1
• Name: 10592 TID #45 Creation
• Type: Resolution
• Status: Passed
• File created: 4/16/2015
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 6/16/2015
• Final action: 6/16/2015
• Enactment date: 6/19/2015
• Enactment #: RES-15-00513
• Title: Approving the Creation of and the Project Plan and Boundary for Tax Incremental District (TID) #45 (Capitol Square West), City of Madison.
• Sponsors: Michael E. Verveer

Date	Ver.	Action By	Action	Result
6/16/2015	1	COMMON COUNCIL	Adopt with the Recommendation(s)	Pass
6/8/2015	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL WITH THE FOLLOWING RECOMMENDATIONS - REPORT OF OFFICER	Pass
5/18/2015	1	PLAN COMMISSION	Return to Lead with the Recommendation for Approval	Pass
5/5/2015	1	BOARD OF ESTIMATES (ended 4/2017)	Referred
5/5/2015	1	COMMON COUNCIL	Referred
4/16/2015	1	Economic Development Division	Referred for Introduction

Fiscal Note
See Economic Feasibility Section of the Project Plan.
Title
Approving the Creation of and the Project Plan and Boundary for Tax Incremental District (TID) #45 (Capitol Square West), 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) #45 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 #45 was published in the Wisconsin State Journal on May 1 and May 8, 2015 as required by said Law; and

WHEREAS a Notice of Public Hearing by the Plan Commission was mailed to all property owners within the proposed TID #45 Boundary on April 27, 2015 in conformance to 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 proposed TID #45 Boundary; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on May 18, 2015, at which interested parties were afforded an opportunity to express their views on the proposed creation of the Project Plan and Boundary for TID #45; 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 the TID is blighted within the meaning of 66.1105(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 the TID.

3. The project costs as described in the Pro...