Fiscal Note
See Economic Feasibility Section of the Substitute second amendment Project Plan.
Title
SUBSTITUTE Second amendment of Tax Incremental District (TID) #32 (State St), City of Madison, and approving a Project Plan and Boundary for said amended TID.
Body
WHEREAS Chapter 105 of the Laws of 1975 of the State of Wisconsin created the Tax Increment Law, Section 66.1105, Wisconsin Statutes; and
WHEREAS said Law sets forth certain steps which must be followed to amend a Tax Incremental Finance District and approve an amended Project Plan; and
WHEREAS the Second Amendment to Tax Incremental Finance District #32 is described below; and
WHEREAS a Notice of Public Hearing by the Plan Commission to afford interested parties an opportunity to express their views on the Second Amendment of the District and Project Plan for Tax Incremental Finance District #32 was published in the Wisconsin State Journal on July 9 and July 16, 2010 as required by said 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 proposed Second Amendment to Tax Incremental Finance District #32; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on July 26, 2010, at which interested parties were afforded an opportunity to express their views on the proposed amended Project Plan for Tax Incremental Finance District #32; 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 such Second Amendment to Tax Incremental District 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 substantial portion of the other real property in such amended District.
3. The...
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