Fiscal Note
The proposed resolution authorizes the 1st amendment to the TID 51 Project Plan. The amendment shifts funding between various public works project, CDA revitalization activities, and affordable housing projects. Overall, total costs outlined in the project plan decrease by $1.0 million due to updated cost estimates for various public works projects. No additional City appropriation required with approval of this project plan amendment.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) #51 (South Madison), City of Madison. (District 14)
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 51 was published in the Wisconsin State Journal on January 31, 2025, and February 7, 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 51; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on February 17, 2025, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID 51; 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), Wisconsin Statutes.
2. The improvement of such area is likely to significantly enhance the value of a...
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