Fiscal Note
Adoption of this agreement would result in future revenue sharing payments from Fitchburg to Madison in exchange for the extension of Madison Water Utility services into the City of Fitchburg. The amount and timing of these future payments is dependent on future Fitchburg tax rates and the value and timing of development on the parcels to be served, so the exact amount of future payments cannot be determined. In general terms, however, Madison expects to receive approximately $5,000 per year for 7 years, beginning in 2009, based on development that has already occurred in 2007 (the Tri-North property). Additional payments totaling an estimated $37,000 per year for 7 years are expected based on projected future development on 5 additional parcels, possibly beginning in 2010 or 2011. Finally, another 10 year series of payments would begin in the year following the extension of water service to 2 remaining parcels which are already developed. The associated annual revenue sharing is estimated at $2,000. When received, all of these revenue sharing payments would be deposited in the General Fund and would serve to reduce future year property tax levies.
Title
Authorizing execution of a Municipal Revenue Sharing Agreement Between the City of Fitchburg and the City of Madison.
Body
WHEREAS, pursuant to Wis. Stat. § 66.0307, Fitchburg, Madison and the Town of Madison (“the Town”) entered into a Cooperative Plan related to boundary lines between themselves (“Boundary Agreement”) which was approved by the State Department of Administration; and
WHEREAS, certain existing irregularities in the boundaries were not able to be resolved by the Boundary Agreement due to economic, legal and political reasons; and
WHEREAS, the parties to the Boundary Agreement agreed to cooperate to determine the most efficient means for extension of services to new customers; and
WHEREAS, the parties to the Boundary Agreement agreed to pursue further cooperative agreement...
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