City of Madison - File #: 52071

• File #: 52071
• Version: 1
• Name: Jobs TIF - Amending City TIF Policy
• Type: Resolution
• Status: Filed
• File created: 6/13/2018
• In control: Economic Development Division
• On agenda: 3/5/2019
• Final action: 3/5/2019
• Title: Amending the “City of Madison TIF Loan Underwriting Policy” and “City of Madison TIF Goals, Objectives, and Process” dated February 25, 2014 with changes to the “Jobs Project” section (aka Jobs TIF); and, directing staff to prepare program guidelines for a new “Small Cap” Business TIF Program targeted at small businesses.
• Sponsors: Rebecca Kemble, Paul R. Soglin, Keith Furman

Date	Ver.	Action By	Action	Result
3/5/2019	1	COMMON COUNCIL	Place On File Without Prejudice	Pass
2/26/2019	1	COMMON COUNCIL EXECUTIVE COMMITTEE	RECOMMEND TO COUNCIL TO PLACE ON FILE WITHOUT PREJUDICE -REPORT OF OFFICER	Pass
11/26/2018	1	FINANCE COMMITTEE	Return to Lead with the Recommendation to Place on File without Prejudice	Pass
6/25/2018	1	FINANCE COMMITTEE	Refer	Pass
6/20/2018	1	ECONOMIC DEVELOPMENT COMMITTEE	Return to Lead with the Following Recommendation(s)	Pass
6/19/2018	1	COMMON COUNCIL EXECUTIVE COMMITTEE	Referred
6/19/2018	1	COMMON COUNCIL EXECUTIVE COMMITTEE	Referred
6/19/2018	1	COMMON COUNCIL	Refer	Pass
6/13/2018	1	Economic Development Division	Referred for Introduction

Fiscal Note
The proposed resolution amends the City of Madison’s “TIF Policy” with changes to the “Jobs Project” section and authorizes Economic Development staff to prepare a “Small Cap” Business TIF Program to assist small businesses with expansion projects in healthy Tax Increment Districts. The Jobs Project section will be amended so that the current 60% net present value and 40% net present value options for a Jobs Project are consolidated to include only the 40% net present value Gap Analysis Waiver underwriting standard to qualified Employers. A “Jobs TIF - B” Program will also be created to assist medium-sized employment expansions. The Small Cap Business TIF Program is anticipated to have lower job creation/retention and qualification requirements and would involve smaller dollar values of TIF investment. Common Council approval of the program guidelines will be required prior to program implementation.

The proposed resolution only includes policy changes to the City of Madison TIF Loan Underwriting Policy, City of Madison TIF Goals, Objectives, and Process, and Jobs Project section (aka Jobs TIF). No projects using TIF funding in the 2018 Adopted Capital Budget are affected by this resolution and no additional City appropriation is required.
Title
Amending the “City of Madison TIF Loan Underwriting Policy” and “City of Madison TIF Goals, Objectives, and Process” dated February 25, 2014 with changes to the “Jobs Project” section (aka Jobs TIF); and, directing staff to prepare program guidelines for a new “Small Cap” Business TIF Program targeted at small businesses.
Body
WHEREAS, the Common Council adopted the current “City of Madison TIF Loan Underwriting Policy” and “City of Madison TIF Goals, Objectives, and Process” (collectively referred to as “TIF Policy”) on February 25, 2014; and,

WHEREAS, TIF Policy goals include a desire to grow the property tax base, foster the creation and retention of family-supporting jobs, encourage the adaptive re-us...