City of Madison, Wisconsin | Legislative Information Center
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File #: 50773    Version: 1 Name: 3774 TID 27 Closure
Type: Resolution Status: Passed
File created: 2/27/2018 In control: FINANCE COMMITTEE
On agenda: 3/20/2018 Final action: 3/20/2018
Enactment date: 3/23/2018 Enactment #: RES-18-00251
Title: Dissolving Tax Incremental District (TID) #27 (Broadway)
Sponsors: Paul R. Soglin

Fiscal Note

The proposed resolution dissolves TID #27 (West Broadway) pursuant to State Statute requirements. The 2018 Adopted Budget includes $538,965 for Affordable Housing purposes, which is covered by 2018 tax increment revenues of the same amount in TID #27. Preliminary estimates of TID #27’s surplus upon closure is $2.1 million, which will be divided approximately as follows: Madison Metropolitan School District - 47 percent; City of Madison - 37 percent; Dane County - 12 percent; MATC - four (4) percent. The 2018 Adopted Capital Budget assumes using the City’s share of the TID #27 surplus for the Bridge Lake Point Community Center project ($600,000) and part of the Public Market project ($1.65 million).

Title

Dissolving Tax Incremental District (TID) #27 (Broadway)

Body

On October 21, 1997, the Madison Common Council created Tax Incremental District (TID) #27 (Broadway).  A project plan was prepared, identifying various types of public improvements and private development that could be undertaken in the TID. The City did undertake public improvement projects and provide financial assistance to promote business and commercial in-fill and redevelopment. The City of Madison has now recovered its costs through the increased taxes generated by new development.  State Statute requires that when a municipality recovers its cost within the statutory life of the district, the district shall be dissolved.

 

The Tax Increment Base Value in TID #27 as of January 1, 1997 was $4,545,600. The current equalized value as of January 1, 2018 is $26,455,400, representing a property value growth of $21,909,800. The project costs have been recovered in 21 years.

 

NOW, THEREFORE BE IT RESOLVED that Tax Incremental District #27 (Broadway) is hereby terminated, and City staff is authorized to transmit any information to the State of Wisconsin, as required by law, to carry out the purposes of this Resolution.