Fiscal Note
This TIF Plan amendment would authorize $4,114,000 of additional TIF capital expenditures and related financing costs not anticipated in the original TID #23 plan adopted in 1994. This increase adjusts plan expenditures to actual costs incurred through 2009 and provides authorization for additional TIF financed infrastructure improvements approved in the 2010 Adopted Capital Budget. Specific amounts are detailed in the plan amendment document.
Title
SUBSTITUTE RESOLUTION Approving a Project Plan Amendment for Tax Incremental District (TIF) #23 (Capitol Square Revitalization) City of Madison and authorizing the use of the “Half-Mile Rule” as provided for in State of Wisconsin TIF Law.
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 Tax Incremental District #23 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 amendment of the Project Plan for Tax Incremental District #23 was published in the Wisconsin State Journal on October 30 and November 6, 2009 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 Tax Incremental District #23; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on November 16, 2009, at which interested parties were afforded an opportunity to express their views on the amended Project Plan for Tax Incremental District #23; and
WHEREAS the Plan Commission has determined that this District meets the basic requirements of City TIF ...
Click here for full text