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 #30 is closed at the end of 2008 and a final audit is completed, staff estimates that approximately $403,000 of the total excess increment of will be apportioned among the overlying tax jurisdictions. Staff estimates that approximately $140,000 would be deposited into the City’s General Fund.
Title
Dissolving Tax Incremental District (TID) #30 (East Washington Avenue).
Body
On September 3, 2002, the Madison Common Council adopted Resolution No. 59,674, I.D. No. 31,794 creating Tax Incremental District (TID) #30 (East Washington Avenue) at an area generally located in the area of the East Washington Avenue commercial corridor between USH 30 and USH 51. A project plan was prepared, identifying various types of public improvements and private development that could be undertaken in the TID. TID #30 was created as a blighted area TID with a statutory life of 23 years. 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 in the TEC Center within the TID and value growth over time added approximately $8.2 million of value to TID #30. A total of $153,168 of project costs including $2,073 of interest and $151,095 of public improvements has been implemented in the District as follows:
Street Reconstruction $62,143
Administrative Cost $88,952
Total Public Improvements $151,095
By the end of December 31, 2008, the City of Madison will have recovered its costs in TID #30 through the increased taxes generated by new development. State Statute requires that when a municipality recovers its cost within the statutory life of the district, the district shall be...
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