Fiscal Note
The proposed Amendment to the Project Plan for Tax Incremental District (TID) #41 (University-Whitney) will increase total project costs by $1,585,116 from $8,222,000 to $9,807,116. The proposed project plan amendment authorizes TID #41 to pay for $9,497,116 of the total project costs. The proposed project plan amendment includes a donation of $895,000 from TID #41 to TID #38 to be paid in 2020. No additional City appropriation is required with the approval of this resolution.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) #41 (University Whitney), City of Madison. (11th & 19th A.D.)
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 District Project Plan; and
WHEREAS the boundary of Tax Incremental District (TID) #41 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 amendment to the TID Project Plan for TID #41 was published in the Wisconsin State Journal on June 28, 2019 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 amended boundary of TID #41; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on July 8, 2019, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID #41; 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 suitable for blighted within the meaning o...
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