Madison, WI Header
File #: 01006    Version: 1 Name: Creating Tax Incremental Finance (TIF) District #34 (Covance) City of Madison and approving a Project Plan and Boundary for said TIF District.
Type: Resolution Status: Withdrawn
File created: 4/12/2005 In control: Community and Economic Development Unit
On agenda: 4/19/2005 Final action: 4/19/2005
Enactment date: Enactment #:
Title: Creating Tax Incremental Finance (TIF) District #34 (Covance) City of Madison and approving a Project Plan and Boundary for said TIF District.
Sponsors: Santiago Rosas, David J. Cieslewicz
Attachments: 1. 8087 TID 34 Project Plan.pdf
Fiscal Note
See Economic Feasibility Section of the Project Plan

Title
Creating Tax Incremental Finance (TIF) District #34 (Covance) City of Madison and approving a Project Plan and Boundary for said TIF District.

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 create a Tax Incremental Finance District and approve a Project Plan; and

WHEREAS Tax Incremental Finance District #34 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 creation of the District and the Project Plan for Tax Incremental Finance District #34 was published in the Capital Times on March 18, 2005 and March 25, 2005 as required by said 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 proposed Tax Incremental Finance District #34; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on April 4, 2005, at which interested parties were afforded an opportunity to express their views on the proposed Project Plan for Tax Incremental Finance District #34; and

WHEREAS the Plan Commission has made the following findings as indicated in the attached report:

No less than 50%, by area, of the real property within such Tax Incremental District is suitable for industrial development within the meaning of 66.1101(1), Wisconsin Statutes.
The improvement of such area is likely to significantly enhance the value of a substantial portion of the other real property in such District.
The project costs as described in the Project Plan relate directly to promoting industrial developm...

Click here for full text