City of Madison, Wisconsin | Legislative Information Center
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File #: 62620    Version: 1 Name: 12187 2020 Capital Budget Amendment TID 39 Small Cap TIF
Type: Resolution Status: Passed
File created: 10/13/2020 In control: Economic Development Division
On agenda: 11/17/2020 Final action: 11/17/2020
Enactment date: 11/24/2020 Enactment #: RES-20-00772
Title: Amending the Economic Development Division’s 2020 Adopted Capital Budget (TIF District #39) by $500,000 and authorizing the $500,000 to be used for a TID 39 Small Cap TIF loan program for small businesses and authorizing the Mayor and City Clerk to execute a sole source service contract with Madison Development Corp. (“MDC”) to provide loan administration services. (16th A.D.)
Sponsors: Michael J. Tierney, Satya V. Rhodes-Conway
Attachments: 1. TID 39 2020 Half Mile Rule v2.pdf, 2. Madison Development Corporation - Non-Competitive Selection Request - CC Approval Required October 2020.pdf
Fiscal Note
The proposed resolution authorizes a $500,000 Small Cap TIF Loan Program in Tax Incremental Financing District #39 (TID #39) and a service contract with Madison Development Corp. to provide loan administration services. The loan program will be entirely funded by TID #39 incremental revenue. Such TIF funding was authorized in an amendment to the TID #39 Project Plan through RES 20-00619 adopted by the Common Council on September 1, 2020. The Program will expire on the anniversary of the TIF expenditure period on September 2, 2023. The Economic Development Division’s 2020 Adopted Capital Budget will be amended to include the proposed $500,000 loan program in the TID #39 Stoughton Road capital program.
Title
Amending the Economic Development Division’s 2020 Adopted Capital Budget (TIF District #39) by $500,000 and authorizing the $500,000 to be used for a TID 39 Small Cap TIF loan program for small businesses and authorizing the Mayor and City Clerk to execute a sole source service contract with Madison Development Corp. (“MDC”) to provide loan administration services. (16th A.D.)
Body
WHEREAS the City of Madison has on September 2, 2008 by adoption on of RES-08-0817 File ID Number 11506, created the boundary and Project Plan for Tax Incremental District (TID) #39; and

WHEREAS the intent and purpose of the Project Plan, among other things, is to attract and retain business and employment in the southeast industrial area generally bounded by Stoughton Road, US Hwy 12 & 18, Interstate Hwy 90 and the Union Pacific railroad right of way; and

WHEREAS, on September 1, 2020 the Common Council of the City of Madison adopted RES-20-00619 amending the TID #39 Project Plan and Boundary and authorizing $500,000 of excess tax increments to be set aside for use as a Small Cap TIF loan program for qualifying small business (“Program”); and

WHEREAS, Program loans (“Loan(s)”) may be made within the TID #39 boundary and its half mile radius until the 15-year expend...

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