Fiscal Note
The proposed resolution approves an amendment to the TID 48 Project Plan. The amendment includes $6.6 million for flood mitigation on Regent Street and $10.0 million in grants to CDA Revitalization work at the Triangle Redevelopment. No additional City appropriation required.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) #48 (Regent St), City of Madison (District 4, District 8, District 13).
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 48 was published in the Wisconsin State Journal on May 24 and May 31, 2024 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 48; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on June 10, 2024, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID 48; 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 suited for mixed-use within the meaning of 66.1105(2), Wisconsin Statutes.
2. The improvement of such area is likely to significantly enhance the value of a substantial portion of the other real property in the TID.
3. The aggregate value of equalized taxable property of the TID, plus all existing TIDs, does not...
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