Fiscal Note
This resolution amends the project plan for Tax Increment District (TID) 25 to reflect the Judge Doyle project and to reconcile the original project plan with actual expenditures through December 31, 2015. Actual expenditures reflect financial assistance provided to construct the Block 89 and Hilton Hotel parking structures. These actual expenditures of $42 million through 2015 exceed the project plan costs by $26 million. Approximately $27.5 million of these total costs have been reimbursed by the developer and future reimbursements are planned. These reimbursed expenditures are still considered TID costs because the TID would have paid the cost if the developers did not make the payments.
Regarding the Judge Doyle project, the project plan amendment adds $24 million in TID supported costs for construction of an underground parking structure to replace the Government East public ramp and $15 million in other funding sources. It also adds $570,000 for master planning and project management costs associated with the project.
Other prospective elements of the project plan amendment include the Outer Capitol Loop Southeast street reconstruction ($1,700,000 from TID proceeds and $70,000 from other sources), street trees ($12,000) and administrative and professional costs ($436,963).
TID 25 was created in 1995. Its authorized expenditure period ends in September 2017.
Title
Approving an Amendment to the Project Plan for Tax Incremental District (TID) #25 (Wilson St Corridor), City of Madison.
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 amend a Tax Incremental District Project Plan; and
WHEREAS, the boundary of Tax Incremental District (TID) #25 is described below without change from the original Project Plan; and
WHEREAS, a Notice of Public Hearing by the Plan Commission to...
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