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File #: 43889    Version: 1 Name: 10857 TID 25 Project Plan Amendment 2016
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-16-00687
Title: Approving an Amendment to the Project Plan for Tax Incremental District (TID) #25 (Wilson St Corridor), City of Madison.
Sponsors: Michael E. Verveer
Attachments: 1. 10857 TID #25 Project Plan Amendment 2016 07-26.pdf
Fiscal Note
This resolution amends the project plan for Tax Increment District (TID) 25 to reflect the Judge Doyle project and to reconcile the original project plan with actual expenditures through December 31, 2015. Actual expenditures reflect financial assistance provided to construct the Block 89 and Hilton Hotel parking structures. These actual expenditures of $42 million through 2015 exceed the project plan costs by $26 million. Approximately $27.5 million of these total costs have been reimbursed by the developer and future reimbursements are planned. These reimbursed expenditures are still considered TID costs because the TID would have paid the cost if the developers did not make the payments.

Regarding the Judge Doyle project, the project plan amendment adds $24 million in TID supported costs for construction of an underground parking structure to replace the Government East public ramp and $15 million in other funding sources. It also adds $570,000 for master planning and project management costs associated with the project.

Other prospective elements of the project plan amendment include the Outer Capitol Loop Southeast street reconstruction ($1,700,000 from TID proceeds and $70,000 from other sources), street trees ($12,000) and administrative and professional costs ($436,963).

TID 25 was created in 1995. Its authorized expenditure period ends in September 2017.

Approving an Amendment to the Project Plan for Tax Incremental District (TID) #25 (Wilson St Corridor), City of Madison.
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...

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