Fiscal Note
The proposed resolution authorizes a project plan amendment to TID 46 - Research Park. The plan amendment includes an additional $5.4 million in TIF support for four additional projects: Yellowstone Dr sanitary sewer improvements, West Towne area park improvements, Research Park stormwater improvements, and Science Dr improvements. The plan amendment also includes an additional $1.0 million for small business assistance in TID 46 and within 1/2 of the TID 46 boundary.
The 2027 Capital Budget Capital Improvement Program (CIP) requests include TID support for some of these projects. The Economic Development Division's 2027 request includes $1.0 million in 2027-2028 for small business support (program #99009); the Parks Division 2027 request includes $3.0 million in 2028-2029 for park land improvements (program #17421); the Engineering - Major Streets 2027 request includes $1.0 million in 2027 for Science Dr pavement management (program #10540); and, the Sewer Utility's 2027 request included $860,000 in 2027 for Yellowstone Dr sewer upsizing (program #10267). Requests may be updated before publication of the 2027 Executive Capital Budget and adoption of the 2027 Capital Budget by the Common Council, or agencies may request the remaining funding in future CIPs based on project timelines. No additional City appropriation is required with adoption of this project plan amendment.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) #46 (Research Park), City of Madison. (District 9, District 11, District 19)
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
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...
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