Fiscal Note
The proposed resolution amends the Economic Development Division's (EDD) 2025 Adopted Capital Budget to add $500,000 in TIF increment to the TID 44 capital program (program #99007), $750,000 in TIF increment to the TID 46 capital program (program #99009), and $850,000 in TIF increment to the TID 51 capital program (program #99011). The funds added to each TID capital program will be used for small business assistance programs. The proposed resolution further authorizes the transfer of $1,170,000 in TIF increment from the TID 51 capital program to the Land Banking capital program (program #12640) to be used for the demolition of land banked properties at 1810 S Park St, 1901 S Park St, 814 North Ave, and 826 North Ave. Due to TID accounting rules, these funds should be transferred to the capital fund for purchase and maintenance of property within the TID.
Title
Amending the 2025 Economic Development Division Capital Budget for TID #44 by $500,000 to fund small business development programs, amending the 2025 Economic Development Division Capital Budget for TID #46 by $750,000 to fund small business development programs, amending the 2025 Economic Development Division Capital Budget for TID #51 by $850,000 to fund small business development programs, and amending the 2025 Economic Development Division Capital Budget to transfer $1,170,000 from the TID 51 capital program (program #99011) to the Land Banking program (program #12640) to fund demolitions of Land Banked properties at 1810 S. Park Street, 1901 S. Park Street, 814 North Avenue, and 826 North Avenue (District 3, District 9, District 11, District 14, District 15, District 19).
Body
WHEREAS, the City of Madison funds several small business development programs through several Tax Increment Finance Districts, including the Façade Grant Program, Building Improvement Grant Program, Small Cap TIF Program, and Commercial Ownership Assistance program; and,
WHEREAS, the City of Madison desires to e...
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