Fiscal Note
TIF Law requires that, when a municipality recovers all costs incurred within a district, the district must be dissolved and any excess increment apportioned among the overlying tax jurisdictions. When TIF District #24 is closed at the end of 2008 and a final audit is completed, staff estimates that approximately $6,000,000 of excess increment of will be apportioned among the overlying tax jurisdictions. Approximately $2,000,000 of that amount will be deposited into the City's General Fund in 2008, with the remaining $4,000,000 distributed between the Madison Metropolitan School District, Dane County and MATC.
Title
Dissolving Tax Incremental District (TID) #24 (Southeast Industrial).
Body
PREAMBLE
On July 18, 1995, the Madison Common Council adopted Resolution 52,387 creating Tax Incremental District (TID)#24 (Southeast Industrial) at an area generally located in the area of South Stoughton Road, Interstate Highway 90, Pflaum Road and Voges Road (map attached). A project plan was prepared, identifying various types of public improvements and private development that could be undertaken in the TID. TID #24 was created as an industrial TID with a statutory life of 23 years. The City did undertake public improvement projects including non-assessable street and other improvements.
The development in the World Dairy Center and other industrial development projects within the TID and value growth over time added approximately $184 million of value to TID #24. A total of $14.5 million of capital expenditures including public improvements and TIF business loans will have been implemented in the District as follows:
Land Purchase 3,571,000
Street Improvements 6,656,000
Storm water Management Improvements 860,000
Business Loans 2,959,000
Administrative Cost 494,000
Total Capital Expenditures $14,540,000
As indicated above, approximately $2.9 million of these costs are TIF loans to attract or retain the World Dair...
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