Fiscal Note
The proposed resolution authorizes the 7th amendment to the TID 36 Project Plan. The amendment adds $1.0 million for Breese Stevens field improvements authorized via legislative file 82711 (RES-24-00357). The amendment further and adds $100,000 for the completion of an implementation plan/study.
Legislative file 82711 (RES-24-00357) amended the Economic Development Division’s 2024 capital budget to appropriate GO Borrowing for Breese Stevens Field Improvements and directed staff to pursue a TID Project Plan amendment for this purpose. The resolution herein authorizes the TID project plan amendment.
File 82711 also authorized the Parks Division to apply for a grant related to the project and approved a local match if the grant was awarded. The grant was not awarded to the City, therefore the project will not reflect the grant funding or local match. No additional City appropriation required with approval of this project plan amendment.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) #36 (Capitol Gateway), City of Madison (District 6, District 12).
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 Project Plan for TID 36 was published in the Wisconsin State Journal on January 31, 2025, and February 7, 2025, 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 amended boundary of TID 36; and
WHEREAS the Plan Commiss...
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