Fiscal Note
See Economic Feasibility Section of the Project Plan.
Title
Creating Tax Incremental Finance (TIF) District #41 (University - Whitney) City of Madison and approving a Project Plan and Boundary for said TIF District.
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 create a Tax Incremental Finance District and approve a Project Plan; and
WHEREAS Tax Incremental Finance District #41 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 creation of the District and the Project Plan for Tax Incremental Finance District #41 was published in the Wisconsin State Journal on July 22 and July 29, 2011 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 the proposed Tax Incremental Finance District #41; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on August 8, 2011, at which interested parties were afforded an opportunity to express their views on the proposed Project Plan for Tax Incremental Finance District #41; and
WHEREAS the Plan Commission has made the following findings as indicated in the attached report:
1. No less than 50%, by area, of the real property within such Tax Incremental District is blighted within the meaning of 66.1105(2), Wisconsin Statutes.
2. The improvement of such area is likely to significantly enhance the value of a substantial portion of the other real property in such District.
3. The project costs as described in the Project Plan relate directly to promoting blight elimination in the area consistent wi...
Click here for full text