City of Madison, Wisconsin | Legislative Information Center
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File #: 36687    Version: 1 Name:
Type: Miscellaneous Status: Approved
File created: 12/29/2014 In control: TIF REVIEW BOARD
On agenda: Final action: 2/25/2015
Enactment date: Enactment #:
Title: TID #32 1/2 Mile Rule - 800 / 900 Blocks of East Johnson St Undergrounding
Attachments: 1. 10600 - TID #32 - 2014 - 1_2 Mile rule Undergrounding - JRB rpt.pdf
Title
TID #32 1/2 Mile Rule - 800 / 900 Blocks of East Johnson St Undergrounding
Body
RESOLUTION APPROVING THE USE OF THE "1/2 MILE RULE" FOR TID #32 (State st)
 
WHEREAS, the City of Madison has planned to expend up to $1,522,000 to move overhead utilities underground on the 800 and 900 blocks of East Johnson Street, and;
 
WHEREAS, the prospective expenditures would occur within ½ Mile of TID #32 (1/2 Mile expenditure area shown on the attached map attached); and
 
WHEREAS, the Tax Increment Finance District Joint Review Board for TID #32 held an organizational meeting on January 7, 2015 for the purpose of receiving an overview on the proposed use of the "1/2 Mile Rule"; and
 
WHEREAS, the Joint Review Board met on February 25, 2015 to review the record and found that but for the proposed use of the ½ Mile Rule, the projects described therein would not occur; and
 
WHEREAS, the Joint Review Board found that the economic benefits were sufficient to compensate the overlying taxing jurisdictions for the cost of improvements proposed in the amendment to the project plan for TID #32; and
 
WHEREAS, the Joint Review found that the benefits of the proposed amendment outweigh the anticipated tax increments to be paid by the owners of property within TID #32; and
 
NOW, THEREORE BE IT RESOLVED, that the Tax Increment Finance District Joint Review Board for TID #32 hereby approves the proposed expenditure of up to $1,522,000 for moving overhead utilities underground on the 800 and 900 blocks of East Johnson Street within ½ Mile of TID #32 as shown on the attached map.