Fiscal Note
The proposed resolution authorizes the creation of TID 56 - Grand Teton. The proposed project plan includes $17.0 million of TIF-eligible costs.
The 2027 Capital Budget Capital Improvement Program (CIP) request for the Economic Development Division (EDD) includes a total of $750,000 from 2027 - 2029 for administration and small business development costs. 2027 requests may be updated before publication fo the 2027 Executive Capital Budget and adoption of the 2027 Capital Budget by the Common Council, or agencies may request the TID funding in future CIPs based on project timelines. No additional City appropriation is required with creation of the TID and adoption of project plan and boundary.
Title
Approving the Creation of the Project Plan and Boundary for Tax Incremental District (TID) #56 (Grand Canyon), City of Madison. (District 19)
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 create a Tax Incremental Project Plan and Boundary; 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 TID Project Plan and Boundary for TID 56 was published in the Wisconsin State Journal on May 29 and June 5, 2026 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 56; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on June 15, 2026, at which interested parties were afforded an opportunity to express their views on the proposed creation of the Project Plan and Boundary for TID 56; and
WHEREAS the Plan Commission ...
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