Fiscal Note
The proposed resolution authorizes a project plan amendment to TID 45 - Capitol Square West. The amendment includes an additional $1.8 million in TID-supported borrowing for John Nolen Dr reconstruction. The 2024 Adopted Capital Budget for Engineering: Major Streets included $1.8 million of TID-supported borrowing (project #11860). The proposed amendment brings the total of TIF-supported costs to $38.6 million with a total financing cost of $10.63 million. No additional City appropriation is required with adoption of this project plan amendment.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) #45 (Capitol Square West), City of Madison. (District 4)
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 45 was published in the Wisconsin State Journal on June 6 and June 13, 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 45; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on June 23, 2025, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID 45; 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), Wisc...
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