Fiscal Note
The assessment deferral practices contained in this proposed ordinance revision generally comport with current practices and will have no substantial fiscal impact.
Title
Amending Section 4.081 of the Madison General Ordinances to make the requirements of the Deferred Assessments section more clear.
Body
DRAFTER'S ANALYSIS: This ordinance amends Section 4.081, the deferred assessment ordinance, to make the requirements of this Section more clear. The existing ordinance has proven confusing in interpretation and application. Pursuant to these amendments, Subdivision (1)(b), along with the corresponding portion of Subdivision (2)(a), regarding deferment of assessments for major industrial developments of ten acres or larger is being deleted as those provisions are no longer applicable. In its place, a new provision, Subdivision (2)(c) is being created that will allow deferment of assessments for Employment Districts, as defined in the City of Madison Comprehensive Plan, in which the City is installing all or part of the necessary infrastructure, and the deferral will facilitate the development of the new Employment District. A need now exists to allow deferment of assessments on these types of properties. Newly created Subdivision (3)(c) will also put a total cap on deferment plus installment payments at eighteen years. Furthermore, newly created Subdivision (4)(b) sets forth exceptions to the immediate payment of assessments upon the occurrence of certain actions listed under Subdivision (4)(a) by allowing for the Common Council to permit installment payments at the later date, the owner to enter into a payment agreement with the City at the later date, and by allowing proportional collection of assessments due. These provisions will allow greater flexibility to address the future needs of the City and the property owner. Finally, Subsection (6) regarding the printing of legal notice of the deferred assessment is being amended as the printi...
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