City of Madison, Wisconsin | Legislative Information Center
Share to Facebook Share to Twitter Bookmark and Share
File #: 43890    Version: 1 Name: 11021 TID 41 & TID 40 Donor Plan
Type: Resolution Status: Passed
File created: 7/27/2016 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 9/20/2016 Final action: 9/20/2016
Enactment date: 9/22/2016 Enactment #: RES-16-00688
Title: Approving the Amendment of the Project Plan for Tax Incremental District (TID) #41 (University / Whitney), City of Madison.
Sponsors: Mark Clear, Rebecca Kemble, Larry Palm
Attachments: 1. 11021 - TID#41Donor - TID#40Recipient Plan.pdf
Fiscal Note
TID #40 has outstanding costs and is not generating increment due to declining value since inception.
TID #41 is generating over $600,000 annually in incremental revenue, with $3 million of net costs through December 2015. As such, the TID should pay off these costs within 5 to 7 years. TID #41 has sufficient incremental revenues to support a donor payment to TID #40 to pay the costs in that TID and allow it to be closed.

Title
Approving the Amendment of the Project Plan for Tax Incremental District (TID) #41 (University / Whitney), 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) #41 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 #41 was published in the Wisconsin State Journal on August 19, 2016 as required by said Tax Increment 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 #41 Boundary; and

WHEREAS, the Plan Commission of the City of Madison held a public hearing on August 29, 2016, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID #41; 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 signif...

Click here for full text