City of Madison - File #: 15063

• File #: 15063
• Version: 1
• Name: 8750 TID #39 Amendment Reso (Femrite)
• Type: Resolution
• Status: Passed
• File created: 6/9/2009
• In control: PLAN COMMISSION
• On agenda: 7/21/2009
• Final action: 7/21/2009
• Enactment date: 7/27/2009
• Enactment #: RES-09-00675
• Title: Authorizing staff to amend the Project Plan and Boundary to TID #39 (Stoughton Road) and authorizing staff to request an extra-territorial expenditure from the TIF Joint Review Board upon Common Council adoption of a Project Plan and Boundary and Amendment to TID #39.
• Sponsors: Tim Bruer, Mark Clear, David J. Cieslewicz

Date	Ver.	Action By	Action	Result
7/21/2009	1	COMMON COUNCIL	Adopt	Pass
7/20/2009	1	PLAN COMMISSION	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
6/29/2009	1	BOARD OF ESTIMATES (ended 4/2017)	Return to Lead with the Recommendation for Approval	Pass
6/16/2009	1	PLAN COMMISSION	Refer
6/16/2009	1	COMMON COUNCIL	Referred
6/9/2009	1	Community and Economic Development Unit	Referred for Introduction

Fiscal Note
The staff and process cost to amend the TID #39 Project Plan and boundary does not require additional borrowing as the cost is eligible to be paid through tax increments generated by TID #39. The amendment would enable the City of Madison to recover the cost of general obligation borrowing in the amount of $1,720,000 for improvements to Femrite Drive authorized as Project Number 23 in the 2009 Engineering - Major Streets Capital Budget. It is anticipated that funds will be required when work commences for the project in 2010. It is expected that tax increments generated by growth in the district will be sufficient to repay the indebtedness without requiring support from the General Fund.
Title
Authorizing staff to amend the Project Plan and Boundary to TID #39 (Stoughton Road) and authorizing staff to request an extra-territorial expenditure from the TIF Joint Review Board upon Common Council adoption of a Project Plan and Boundary and Amendment to TID #39.
Body
WHEREAS, by RES 08-00817, the Common Council of the City of Madison created TID #39 (Stoughton Road) on September 2, 2008; and

WHEREAS Project Number 23 of the 2009 Engineering - Major Streets Capital Budget incorrectly references the repayment source of $1,720,000 of borrowed funds being Tax Incremental District (TID) #39 to make improvements to Femrite Drive east of Marsh Road to Interstate 39/90 (“Project”); and

WHEREAS, the Project is not located within the adopted boundary of TID #39; and

WHEREAS, the Common Council was unaware that the Project was not located within the TID#39 boundary when it adopted the 2009 Capital Budget, thus requiring corrective action prior making an expenditure of funds; and

WHEREAS, by Wis. Stats. 66.1105 (“TIF Law”) expenditures must be made within a TID boundary; and

WHEREAS, TIF Law allows four (4) boundary amendments to an industrial TID within its 20-year lifetime to include project costs that are at the time required outside the TID boundary; and...