City of Madison, Wisconsin | Legislative Information Center
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File #: 56436    Version: 1 Name: 11799 TID 35 Donor to TID 38 2019
Type: Resolution Status: Passed
File created: 6/24/2019 In control: Economic Development Division
On agenda: 8/6/2019 Final action: 8/6/2019
Enactment date: 8/9/2019 Enactment #: RES-19-00566
Title: Approving the Amendment to the Project Plan for Tax Incremental District (TID) #35 (Todd Dr), City of Madison. (14th A.D.)
Sponsors: Sheri Carter
Attachments: 1. 11799_TID_35_2019_Project_Plan_Amendment.pdf
Fiscal Note
The proposed Amendment to the Project Plan for Tax Incremental District (TID) #35 (Todd Drive) will reduce total project costs by $7,440,413 from $16,827,000 to $9,386,587. The proposed project plan amendment includes a second donation of $2,210,000 from TID #35 to TID #38 with the donation payment starting in 2019. The total donation from TID #35 to TID #38 will be $4,710,000. No additional City appropriation is required with the approval of this resolution.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) #35 (Todd Dr), City of Madison. (14th A.D.)
Body
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) #35 is described below; 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 for TID #35 was published in the Wisconsin State Journal on June 28, 2019 as required by said 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 #35; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on July 8, 2019, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID #35; 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 blighted within the meaning of 66.1105(2), Wisconsin Statutes.

2...

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