Fiscal Note
TIF Law requires that, when a municipality recovers all costs incurred within a district, the district must be dissolved and any excess increment apportioned among the overlying tax jurisdictions. When TIF District #26 is closed at the end of 2008 and a final audit is completed, staff estimates that approximately $234,000 of the total excess increment of will be apportioned among the overlying tax jurisdictions. Staff estimates that approximately $81,000 would be deposited into the City’s General Fund.
Title
Dissolving Tax Incremental District (TID) #26 (Park & Regent).
Body
On November 11, 1996 the Madison Common Council adopted Resolution No. 20,836 creating Tax Incremental District (TID) #26 (Park & Regent) at an area generally located in the area of the Park Street Corridor between Chandler Street and University Avenue. A project plan was prepared, identifying various types of public improvements and private development that could be undertaken in the TID. TID #26 was created as a blighted area TID with a statutory life of 23 years.
On September 16, 2003 the Madison Common Council adopted Resolution No. 60,837 ID No. 34,399 amending the boundary of TID 26 to include areas north of University Avenue and south from Chandler Street to Haywood Drive. The Wisconsin Legislature amended TIF Law in 2004 to extend the statutory life of all existing TIDs to 27 years. The City did undertake public improvement projects including non-assessable street and other improvements.
The development of several rental housing projects within the TID and value growth over time added approximately $66 million of value to TID #26. Approximately $5,337,418 of project costs including $672,251 of interest payments and $4,665,167 of public improvements has been implemented in the District as follows:
Land Acquisition, Relocation $44,564
Street, Sidewalk, Sewer Repair $3,564,356
Bike Path $630,000
Administrative Cost $426,247
Total Public Improvements $4...
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