City of Madison, Wisconsin | Legislative Information Center
Share to Facebook Share to Twitter Bookmark and Share
File #: 61553    Version: 1 Name: 12047 - TID 42; 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-20-00620
Title: Approving the Amendment to the Project Plan for Tax Incremental District (TID) #42 (Wingra), City of Madison. (13th AD & 14th AD)
Sponsors: Sheri Carter, Tag Evers
Attachments: 1. Legal Description.pdf, 2. 12054 TID 42 Half Mile Rule 2020 - Finance Com Rpt.pdf, 3. 12047 TID 42 2020 Project Plan Amendment v2.pdf
Fiscal Note
The proposed amendment to the Project Plan for Tax Incremental District (TID) #42 (Wingra) will increase total project costs by $2,415,000 from $14,160,000 to $16,575,000. The proposed project plan amendment authorizes TID #42 to pay for $16,073,000 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) #42 (Wingra), City of Madison. (13th AD & 14th 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) #42 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 #42 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 #42; 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 #42; 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 blighted within the meaning of 66.1105(2), Wisconsin Statutes.

2. The improvement of suc...

Click here for full text