Fiscal Note
TIF Law requires that, when a municipality recovers all costs incurred within a district, the district must be dissolved and any excess increment apportioned among the overlying tax jurisdictions. When TIF District #23 is closed at the end of 2011 and a final audit is completed, staff estimates that approximately$1,000,000 of excess increment will be available for apportionment. Of that total, approximately $360,000 will be transferred to the City’s General Fund with the remainder distributed to the other participating jurisdictions.
Title
Dissolving Tax Incremental District (TID) #23 (Capitol Square).
Body
WHEREAS on May 17, 1994 the Common Council of the City of Madison adopted Resolution 51,154, I.D. No. 15,139 creating Tax Incremental District (TID) #23 (Capitol Square) as a blighted area TID located in an area from Butler to Pinckney Streets to the northeast and Dayton to Mifflin Streets to the northwest (See Attached Map); and
WHEREAS a Project Plan was prepared, identifying various types of public improvements and private development that could be undertaken in the TID; and
WHEREAS on December 15, 2009 the Common Council of the City of Madison adopted RES-09-00970 approving a Project Plan amendment recognizing tax increments from unanticipated growth and thus increasing the total TID expenditures to provide for certain project costs to be completed; and
WHEREAS said infrastructure project costs have been completed and sufficient tax increments received to repay such costs; and
WHEREAS the City of Madison has implemented the said project costs to date in comparison to estimates forecasted in the amended Project Plan as follows:
Capital Expenditures Est. Final Project Plan
Street Renovation $2,704,292 $2,313,000
Way finding System 21,108 19,000
Concourse Improvements 1,032,224 1,310,000
Revitalization Loans 5,826,936 6,152,000
Organizational Costs 445,889 326,000
Pedestrian Linkages -- --
Total Capital Expenditures $10,030,449 ...
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