Fiscal Note
The proposed resolution authorizes a project plan amendment to TID 48 - Regent St. The amendment includes an additional $1,192,000 in TID-supported borrowing for S Park St utilities. The 2025 Adopted Capital Budget for Engineering: Major Streets included this amount in the Park Street, South project (project #11133) utilizing a different funding source. The funding source will be changed to TID-supported borrowing in the 2025 mid-year appropriation resolution. The amendment also includes $844,000 for railroad signals and the Southwest Commuter Path crossings at W Washington Ave. This project will be included in a future budget capital budget subject to adoption by the Common Council. The proposed amendment brings the total of TIF-supported costs to $25,863,000 with a total financing cost of $7,112,000. No additional City appropriation is required with adoption of this project plan amendment.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) #48 (Regent St), City of Madison. (District 4, District 8, District 13)
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 48 was published in the Wisconsin State Journal on June 6 and June 13, 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 48; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on June...
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