City of Madison, Wisconsin | Legislative Information Center
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File #: 61552    Version: 1 Name: 12046 - TID 39; 2020 Project Plan Amendment
Type: Resolution Status: Passed
File created: 7/27/2020 In control: FINANCE COMMITTEE
On agenda: 9/1/2020 Final action: 9/1/2020
Enactment date: 9/8/2020 Enactment #: RES-20-00619
Title: Approving the Amendment to the Project Plan for Tax Incremental District (TID) #39 (Stoughton Rd), City of Madison. (16th AD)
Sponsors: Michael J. Tierney
Attachments: 1. 12046 TID 39 2020 Project Plan Amendment.pdf, 2. Legal Description.pdf, 3. 12055 TID 39 Half Mile Rule 2020 - Finance Com rpt.pdf
Fiscal Note
The proposed amendment to the Project Plan for Tax Incremental District (TID) #39 (Stoughton Road) will increase total project costs by $601,000 from $8,390,000 to $8,991,000. The proposed project plan amendment authorizes TID #39 to pay for $8,363,000 of the total project costs and includes a donation of $1,700,000 from TID #39 to TID #42 to be paid in 2020. 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) #39 (Stoughton Rd), City of Madison. (16th AD)
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) #39 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 #39 was published in the Wisconsin State Journal on July 31, 2020 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 #39; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on August 10, 2020, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID #39; 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 industrial uses within the meaning of 66.1105(2), Wisconsin Statutes.

2. The...

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