Fiscal Note
The proposed project plan for TID #38 (Badger-Ann-Park) allows for total capital project costs of $11,561,000 which can be incurred any time during the first 22 years of the district's life. Of that amount, $11,033,000 would be funded with anticipated future TIF increment. Authorization to proceed with the individual projects contained in the plan will require separate Council authorization in future capital budgets. See the Detailed Estimate of Timing and Project Costs and Economic Feasibility sections of the proposed Project Plan for additional information.
Title
Creating Tax Incremental Finance (TIF) District #38 (Badger-Ann-Park) City of Madison and approving a Project Plan and Boundary for said TIF District.
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 create a Tax Incremental Finance District and approve a Project Plan; and
WHEREAS Tax Incremental Finance District #38 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 creation of the District and the Project Plan for Tax Incremental Finance District #38 was published in the Wisconsin State Journal on May 16 and May 23, 2008 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 Tax Incremental Finance District #38; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on June 2, 2008, at which interested parties were afforded an opportunity to express their views on the proposed Project Plan for Tax Incremental Finance District #38; and
WHEREAS the Plan Commi...
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