Title
RESOLUTION APPROVING AN AMENDMENT TO THE PROJECT PLAN FOR TID #25 (WILSON ST CORRIDOR)
Body
WHEREAS, the Tax Increment Finance District Joint Review Board for TID #25 held an organizational meeting on August 24, 2016 for the purpose of receiving an overview on the proposed Project Plan amendment; and
WHEREAS, the City of Madison Plan Commission held a public hearing regarding the amendment of the Project Plan for TID #25 on August 29, 2016 for the purpose of hearing public comment on the proposed Project Plan amendment; and
WHEREAS, the Plan Commission of the City of Madison recommended adoption of a resolution amending said Project Plan on August 29, 2016; and
WHEREAS, the Common Council of the City of Madison adopted Resolution No. 16-00687, I.D. No. 43889 on September 20, 2016 approving said Project Plan amendment for said district; and
WHEREAS, the Joint Review Board met on September 29, 2016 to review the record and found that but for the amendment of the Project Plan for TID #25, the projects described therein would not occur; and
WHEREAS, the Joint Review Board for TID #25 has considered the amendment of the Project Plan in light of the requirements of Sec 66.1105(4m) Wis. Stats., specifically including the criteria identified under Sec 66.1105(4m)(c)(1), Wis. Stats., and
WHEREAS, the Joint Review Board has determined that the economic benefits of the proposed tax incremental district project plan amendment, as measured by increased employment, business and personal income and property value, are sufficient to compensate for the cost of the proposed improvements; and
WHEREAS, the Joint Review Board has determined that the benefits of the proposal outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing jurisdictions, and
WHEREAS, the Joint Review Board examined the Common Council resolution that approved the amended project plan for said district.
NOW, THEREFORE BE IT RESOLVED, that the Tax Increment Finance District Joint Review Board for TID #25 hereby approves the Common Council action regarding the amendment of the Project Plan for TID #25 including retroactive approval for $25,969,207 of expenditures in excess of the originally approved project plan.