City of Madison, Wisconsin | Legislative Information Center
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File #: 39435    Version: Name: 10801 TID #46 Creation Resolution
Type: Resolution Status: Passed
File created: 7/27/2015 In control: PLAN COMMISSION
On agenda: 8/4/2015 Final action: 9/1/2015
Enactment date: 9/4/2015 Enactment #: RES-15-00676
Title: SUBSTITUTE Approving the Creation of and the Project Plan and Boundary for Tax Incremental District (TID) #46 (Research Park), City of Madison.
Sponsors: Mark Clear, Maurice S. Cheeks
Attachments: 1. 10801 TID #46 Research Park Project Plan 2015 0821.pdf, 2. V1 Master18-Aug-2015-09-38-47.pdf, 3. 10801 TID #46 Research Park Project Plan 2015 0724.pdf
Fiscal Note
See Economic Feasibility Section of the Project Plan.
Title
SUBSTITUTE Approving the Creation of and the Project Plan and Boundary for Tax Incremental District (TID) #46 (Research Park), 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) #46 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 #46 was published in the Wisconsin State Journal on July 24 and July 31, 2015 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 TID #46 Boundary; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on August 10 24, 2015, at which interested parties were afforded an opportunity to express their views on the proposed creation of the Project Plan and Boundary for TID #46; 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 suitable for mixed use 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 aggregate value of equalized taxable property of the TID, plus all existing TIDs, does not exceed 12% of the total value of equalized taxable property within the City.

4. Tax Incremental ...

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