Fiscal Note
No additional City appropriation is required with the approval of the project plan and boundary for Tax Incremental District (TID) #51 (South Madison). The 2023 Adopted Capital Budget includes $3 million in tax increment revenues transferred from TID 36. Additional city costs associated with urban development in this area will be included in future operating and capital budgets subject to Common Council approval.
Title
Approving the Creation of the Project Plan and Boundary for Tax Incremental District (TID) #51 (South Madison), City of Madison.
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 create a Tax Incremental Project Plan and Boundary; and
WHEREAS a Notice of Public Hearing by the Plan Commission to afford interested parties an opportunity to express their views on the creation of the TID Project Plan and Boundary for TID 51 was published in the Wisconsin State Journal on January 27 and February 3, 2023 as required by TIF Law; and
WHEREAS prior to publication of the Notice of Public Hearing a copy of the Notice was sent by first-class mail to each of the chief executive officers or administrators of all local governmental entities having the power to levy taxes on property within the boundary of TID 51; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on February 13, 2023, at which interested parties were afforded an opportunity to express their views on the proposed creation of the Project Plan and Boundary for TID 51; and
WHEREAS the Plan Commission has made the following findings as indicated in the attached report:
1. No less than 50%, by area, of the real property within the TID is blighted within the meaning of 66.1105(2), Wisconsin Statutes.
2. The improvement of such area is likely to significantly enhance the value of a sub...
Click here for full text