Fiscal Note
See Economic Feasibility Section of the Project Plan
Title
Amending Tax Incremental Finance (TIF) District #32 (Upper State Street) City of Madison and approving a Project Plan and Boundary Amendment for said TIF District. (4th AD)
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 a Project Plan; and
WHEREAS an amendment to Tax Incremental Finance District #32 is described below; and
WHEREAS the City of Madison created Tax Increment District #32 on July 1, 2003 in Resolution 60678, ID No. 33974 for the purpose of blight elimination; and
WHEREAS a Notice of Public Hearing by the Plan Commission to afford interested parties an opportunity to express their views on the amendment of the District and the Project Plan for Tax Incremental District #32 was published in the Capital Times on June 2, 2006 and June 9, 2006 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 amended boundaries of Tax Incremental Finance District #32; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on June 19, 2006 at which interested parties were afforded an opportunity to express their views on the proposed amendment to Tax Incremental 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 Tax Incremental District is a blighted area within the meaning of 66.1105(2)(a), Wisconsin Statutes.
2. The improvement of such area is likely to significantly ...
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