City of Madison, Wisconsin | Legislative Information Center
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File #: 42870    Version: 1 Name: 10920 TID #36 Amendment 2016
Type: Resolution Status: Passed
File created: 5/9/2016 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 6/21/2016 Final action: 6/21/2016
Enactment date: 6/23/2016 Enactment #: RES-16-00447
Title: Approving a second amendment to Tax Incremental District (TID) #36 (Capitol Gateway Corridor), City of Madison, and approving a Project Plan and Boundary for said amended TID.
Sponsors: Ledell Zellers, Marsha A. Rummel, Paul R. Soglin
Attachments: 1. 10920 11220003 East Washington Expansion - Report.pdf, 2. 10920 TID #36 2016 Project Plan 2016 Amendment.pdf
Fiscal Note
The proposed resolution amends the boundaries of TID #36 (Capitol Gateway Corridor). As of January 1, 2016, the base value of the parcels within the second amendment to TID #36 is $19,405,900. The estimated growth over the remaining 16 year life of the District is estimated at $128 million of incremental value. This estimate includes $94 million of incremental value due to new construction and an additional $34 million of value growth on all parcels within the second boundary amendment to TID #36.
Title
Approving a second amendment to Tax Incremental District (TID) #36 (Capitol Gateway Corridor), City of Madison, and approving a Project Plan and Boundary for said amended TID.
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 Finance District and approve an amended Project Plan; and

WHEREAS the Second Amendment to Tax Incremental Finance District #36 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 Second Amendment of the District and Project Plan for Tax Incremental Finance District #36 was published in the Wisconsin State Journal on May 13, 2016 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 Second Amendment to Tax Incremental Finance District #36; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on May 23, 2016, at which time interested parties were afforded an opportunity to express their views on the proposed amended Project Plan for Tax Incremental Finance District #36; and

WHER...

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