Fiscal Note
The proposed resolution authorizes the creation of TID 55 - Voit and its proposed project plan and boundary. The project plan includesa total of $8,552,000 in TID-supported borrowing for the following: $3,887,000 for future development loans, $4,165,000 for land acquisition, and $500,000 for administration costs. The Economic Development Division's 2026 Capital Budget request includes $2,050,000 in 2026 for development loans and land improvements. Use of this funding is contingent upon adoption of the 2026 Capital Budget by Common Council in addition to approval of this project plan amendment. Additional City costs associated with urban development in this area will be included in future capital budgets subject to Common Council approval. Financing costs associated with the creation of this TID are estimated at $2,351,000. No additional City appropriation is required with adoption of this project plan amendment.
Title
Approving the Project Plan and Boundary for Tax Incremental District (TID) #55 (Voit), City of Madison. (District 15)
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 55 was published in the Wisconsin State Journal on June 6, 2025 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 boundary of TID 55; and
WHEREAS the Plan Commission of the City of Madison held a public hea...
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