Fiscal Note
This resolution would authorize the expenditure of $300,000 to provide future TIF assistance for the development of the proposed Wingra Commons senior housing development. The proposed project is not located within the boundaries of an existing Tax Increment District (TID) and is not authorized in the 2010 budget. Thus, the $300,000 contribution would need to be approved in the 2011 budget, and creation of a new Tax Increment District, approved by the Common Council, the Joint Review Board and the Wisconsin Department of Revenue (DOR) would be required before project costs would be eligible for TIF reimbursement. The proposed resolution provides that no City loan disbursement would occur prior to DOR certification of the new TID. It is anticipated that the City’s loan would be funded by general obligation debt of $300,000, which would be eligible for reimbursement from a newly created TID #41. The proposed TIF Loan amount represents approximately 50% of the present value of tax increments expected to be generated by the project, in accordance with TIF Policy. In addition, the TIF Loan is contingent upon the project being awarded Section 42 Low Income Housing tax credits.
Title
Authorizing the Mayor and City Clerk to execute a development agreement to fund a $300,000 Tax Incremental Finance Loan to Wingra Commons, LLC (“Developer”) to assist in the development of a 62-unit income-restricted senior housing project located at 1012 Fish Hatchery Road.
Body
WHEREAS on March 7, 2006 the City of Madison adopted RES 06-00238 File No. 01363 adopting the Wingra Creek Market Study and Redevelopment Plan (“Wingra Creek Plan”) as a supplement to the South Madison Neighborhood Plan that sets forth the types of development that might occur in the Wingra Creek District; and
WHEREAS the Wingra Creek District is bounded by Fish Hatchery Road to the north and west; south Park Street to the east; Wingra Creek to the south as a strategic site for future revitalizatio...
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