Fiscal Note
Adoption of this agreement would result in future property tax revenue sharing payments from the Town of Blooming Grove to the City of Madison in exchange for the extension of Madison Water Utility services into the Town to service a new PDQ convenience store and car wash, and future sewer utility revenue sharing payments from the Madison Sewer Utility to the Town in exchange for allowing Madison to service the PDQ development. The amount and timing of these future revenue sharing payments is dependent on future Blooming Grove tax rates, the value and timing of development on the parcel to be served, and the amount of sewer usage by the development, so the exact amount of future payments is not known. However, Madison expects to receive approximately $1,900 per year during the 5 year period from 2015 through 2019. When received, this revenue would be deposited in the General Fund and would serve to reduce future year property tax levies. The 40% of sewer utility revenue being paid to the Town during this period will provide sufficient remaining revenue to the City of Madison Sewer Utility to cover MMSD charges and the sewer utility portion of the water meter and will result in a payment to the Town Sewerage District in the amount of approximately $600 per year for five years.
Title
Authorizing the Execution of a Municipal Revenue Sharing Agreement Between the City of Madison and the Town of Blooming Grove.
Body
WHEREAS, pursuant to Wis. Stat. ยง 66.0307, Blooming Grove and Madison entered into a Cooperative Plan related to boundary lines and other municipal issues between themselves, which Plan was approved on October 3, 2006, by the State of Wisconsin Department of Administration; and,
WHEREAS, Blooming Grove and Madison agreed to cooperate for more efficient delivery of municipal services within the Cooperative Plan Area, and agreed to pursue further cooperative agreements that would qualify each of them for additional shared revenue; and...
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