City of Madison - File #: 40257

• File #: 40257
• Version: 1
• Name: 10857 TID #25 Project Plan Amendment 2015
• Type: Resolution
• Status: Filed
• File created: 9/29/2015
• In control: PLAN COMMISSION
• On agenda: 10/6/2015
• Final action: 9/6/2016
• Title: Approving an Amendment to the Project Plan for Tax Incremental District (TID) #25 (Wilson St Corridor), City of Madison.
• Sponsors: Michael E. Verveer

Date	Ver.	Action By	Action	Result
9/6/2016	1	COMMON COUNCIL	Place On File Without Prejudice	Pass
8/29/2016	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO PLACE ON FILE WITHOUT PREJUDICE -REPORT OF OFFICER	Pass
10/19/2015	1	PLAN COMMISSION	Refer	Pass
10/6/2015	1	BOARD OF ESTIMATES (ended 4/2017)	Referred
10/6/2015	1	COMMON COUNCIL	Refer	Pass
9/29/2015	1	Economic Development Division	Referred for Introduction

Fiscal Note
Fiscal impact included in cost summary section of the attached project plan.
Title
Approving an Amendment to the Project Plan for Tax Incremental District (TID) #25 (Wilson St Corridor), 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 the boundary of Tax Incremental District (TID) #25 is described below without change from the original Project Plan; 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 #25 was published in the Wisconsin State Journal on Oct 2 and Oct 9, 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 TID #25 Boundary; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on October 19, 2015, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID #25; 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 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 District #25 (Wilso...