Fiscal Note
See Economic Feasibility Section of the Project Plan.
Title
Approving the Creation of and the Project Plan and Boundary for Tax Incremental District (TID) #44 (Royster Clark), City of Madison.
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 District and approve a Project Plan and Boundary; and
WHEREAS Tax Incremental District (TID) #44 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 TID Project Plan and Boundary for TID #44 was published in the Wisconsin State Journal on August 9 and August 16, 2013 as required by said Law; and
WHEREAS a Notice of Public Hearing by the Plan Commission was mailed to all property owners within the proposed TID #44 Boundary on July 26, 2013 in conformance to TIF 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 TID #44 Boundary; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on August 26, 2013, at which interested parties were afforded an opportunity to express their views on the proposed creation of the Project Plan and Boundary for TID #44; 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 the TID 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 the TID.
3. The project costs as described in the ...
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