Fiscal Note
The proposed resolution authorizes a project plan amendment to TID 54 - Pennsylvania Avenue. The plan amendment includes an additional $2.8 million in TIF support for one additional project: a Jobs TIF loan to Realta Fusion at 910 Mayer Ave within TID 54.
Leg file 92735 authorizes an amendment to the Economic Development Division's (EDD) 2026 Capital Budget to add $2.8 million in TID-supported GO Borrowing for the the Jobs TIF loan to Realta Fusion within the TID 54 program (program #99015). 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) #54 (Pennsylvania Ave), City of Madison. (District 12)
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 54 was published in the Wisconsin State Journal on May 29 and June 5, 2026 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 boundary of TID 54; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on June 15, 2026, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID 54; 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 m...
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