Fiscal Note
The Resolution amends the Project Plan for TID #35 to authorize a "donor-recipient" relationship between TID #35, which is generating positive incremental tax flows, and TID #38, which has not generated positive incremental taxes but is rather in a negative value state. Approval of the amended project plan will allow TID #35 to "donate" or transfer its positive tax increment to TID #38, such that TID #38 can defease its debt and allow for a recovery of expenses and a closing of the District in the timely manner. Starting in 2015, TID #35 will donate $500,000 annually for each of five years, for a total donation to the recipient TID #38 of $2,500,000. TID #35 is projected to generate incremental tax revenues of an estimated $775,000 in 2014. In general, authorization of the donor-recipient relationship should allow for a full recovery of expenditures in both TIDs #35 and #38 and still provide incremental revenues to support an additional project in TID #35, should a project arise.
Title
Approving the Amendment of the Project Plan for Tax Incremental District (TID) #35 (Todd Drive), 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 amend a Tax Incremental District Project Plan; and
WHEREAS Tax Incremental District (TID) #35 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 to the TID Project Plan for TID #35 was published in the Wisconsin State Journal on April 11 and April 18, 2014 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 proper...
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