Fiscal Note
This resolution authorizes the early attachment of a property in the Town of Madison to the City. Under the proposed revenue sharing agreement, the City agrees to pay the town one-half of the City share of property taxes from the parcel received by the City during the calendar quarter, but not less than the amount of property taxes levied by the Town in the year of attachment. Town property taxes collected in the 2015 tax year were $13,961.94. One-half of the estimated City taxes on the property in the 2015 tax year would have been $9,991.15. Funding for this revenue sharing agreement would need to be included in the 2017 City Operating Budget under "Revenue Sharing Payments" which is listed under Direct Appropriations.
The levy limit for the City is also increased by the amount of the town property taxes on annexed property.
Title
Authorizing the Mayor and City Clerk to enter into an Early Attachment and Revenue Sharing Agreement with the Town of Madison to facilitate the attachment and future development of the Town parcel located at 506 E. Badger Road.
Body
WHEREAS, the City of Madison (hereinafter referred to as the “City”), the Town of Madison (the “Town”) and the City of Fitchburg entered into a Cooperative Plan approved by the State of Wisconsin Department of Administration pursuant to Wis. Stat. § 66.0307 on October 10, 2003; and,
WHEREAS, the City and Town agreed that no attachments or annexations of Town lands would occur to the City prior to final attachment at the end of the protected period on October 31, 2022, or such earlier time when the Town ceases to exist as a separate entity, except as expressly provided in said Cooperative Plan; and,
WHEREAS Sections 8.A.1 of said Cooperative Plan allows a property owner in the Town to petition the City for early attachment following approval by the Town Board; and,
WHEREAS, the owner of the parcels located at 502 E. Badger Rd. (Tax Parcel ID No. 251-0709-362-0095-9) and 506 E. Badger ...
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