Fiscal Note
The proposed resolution authorizes a project plan amendment to TID 46 (Research Park, created in 2015). The proposed plan amendment is intended to provide additional Jobs TIF assistance to Exact Sciences. Under the proposal, the plan amendment will authorize a $2,086,000 loan for phase three of the Exact Science project. If approved, the project plan will now authorize $9,076,000 for development loans in TID 46.
This is the second plan amendment in TID 46. The first was approved in 2017 authorizing a development loan for Illumina.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) #46 (Research Park), City of Madison.
Body
WHEREAS Chapter 105 of the Laws of 1975 of the State of Wisconsin created the Tax Increment Law (the “TIF Law”), Section 66.1105, Wisconsin Statutes; and
WHEREAS TIF Law sets forth certain steps which must be followed to amend a Tax Incremental Project Plan; 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 and Boundary for TID #46 was published in the Wisconsin State Journal on October 5, 2018 as required by TIF 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 amended boundary of TID #46; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on October 15, 2018, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID #46; 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 suitable for mixed use within the meaning of 66.1105(2), Wisconsin S...
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