City of Madison - File #: 78325

• File #: 78325
• Version: 1
• Name: 12753 - Hartmeyer Phase II TIF Loan
• Type: Resolution
• Status: Passed
• File created: 6/12/2023
• In control: Economic Development Division
• On agenda: 7/11/2023
• Final action: 7/11/2023
• Enactment date: 7/14/2023
• Enactment #: RES-23-00472
• Title: Authorizing the Mayor and City Clerk to amend the 2023 Capital Budget and execute a development agreement to fund a $2,785,000 Tax Incremental Finance Loan to Roth Street II Limited Partnership or its assigns, to assist in the construction of Roth Street Family Apartments, consisting of approximately 250 units of multi-family senior affordable housing, 289 parking stalls and 1,130 square feet of commercial (“Project”) at the property generally located at 2007 Roth Street , (formerly known as the Hartmeyer Property) in a Tax Incremental District (TID) #54 to be created in 2023 in the City of Madison (“Property”).
• Sponsors: Satya V. Rhodes-Conway, Amani Latimer Burris, Charles Myadze
• Related files: 80938

Date	Ver.	Action By	Action	Result
7/11/2023	1	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
6/26/2023	1	FINANCE COMMITTEE
6/20/2023	1	COMMON COUNCIL	Referred
6/12/2023	1	Economic Development Division	Referred for Introduction

Fiscal Note
The proposed resolution amends the Economic Development Division's 2023 Adopted Capital Budget to include the TID 54 (Pennsylvania Ave) capital program and appropriates an additional $2,785,000 in general obligation borrowing to be recovered by tax increments generated by the proposed project. The proposed resolution authorizes the additional $2,785,000 as a TIF loan to Roth Street II Limited Partnership or its assigns ("Developer") for a redevelopment project on the former Hartmeyer property, adjacent to the former Oscar Mayer facilities within the proposed boundaries of TID 54. Funding for the TIF assistance to the Project has been included in the TID 54 Project Plan, and the $2,785,000 TIF loan is contingent upon approval of the TID 54 Project Plan and Boundary in 2023 (Legistar file 78314).
Title
Authorizing the Mayor and City Clerk to amend the 2023 Capital Budget and execute a development agreement to fund a $2,785,000 Tax Incremental Finance Loan to Roth Street II Limited Partnership or its assigns, to assist in the construction of Roth Street Family Apartments, consisting of approximately 250 units of multi-family senior affordable housing, 289 parking stalls and 1,130 square feet of commercial (“Project”) at the property generally located at 2007 Roth Street , (formerly known as the Hartmeyer Property) in a Tax Incremental District (TID) #54 to be created in 2023 in the City of Madison (“Property”).
Body
WHEREAS the City of Madison is in the process of creating a Project Plan and Boundary for Tax Incremental District (TID) #54 (Pennsylvania Ave) during 2023; and

WHEREAS the intent and purpose of the Project Plan, among other things, is to eliminate blighting conditions and encourage development of a wide range of commercial and housing options and attract and retain business and employment in the City of Madison; and

WHEREAS, Roth Street II Limited Partnership, or its assigns, (“Developer”) has proposed to construct 250 affordable hous...