Fiscal Note
The staff and process cost to amend the TID #36 Project Plan and boundary does not require additional borrowing as the cost is eligible to be paid through tax increments generated by TID #36. The amendment would enable the City of Madison to recover the cost of general obligation borrowing in the amount of $3,432,000 to fund a Tax Incremental Finance Loan to The Constellation Project, LLC to assist in the development of a housing and commercial redevelopment project located at 754 East Washington Avenue and 741 East Mifflin Street, as authorized in the 2012 adopted capital budget of the Planning and Community and Economic Development agency (PCED) (project No. 3, "TID 36 - Capitol Gateway Corridor," Acc't. No. 823601). (Note: The loan is further authorized via Resolution #25561, introduced on 3/6/12.)
Due to the timing of the proposed loan, the City will likely provide the proceeds through internal borrowing prior to the City's general borrowing that will occur later in 2012, but there is little or no additional cost to utilize this funding mechanism. No additional appropriation is required.
Title
Approving the First Amendment of Tax Incremental District (TID) #36 (Capitol Gateway), City of Madison, and approving a Project Plan and Boundary for said amended TID.
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 amend a Tax Incremental Finance District and approve an amended Project Plan; and
WHEREAS the First Amendment to Tax Incremental Finance District #36 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 First Amendment of the District and Project Plan for Tax Incremental Finance District #36 was published in the Wisconsin State Journal on March 23 and March 30, 2012 as req...
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