Fiscal Note
The proposed resolution authorizes a second project plan amendment for Tax Incremental District (TID) #41 (University-Whitney). As stated in project plan, this amendment modifies the total costs that TID #41 may recover through tax increment to a total of $12,497,116, which is a $3 million increase from the 2019 project plan total. This increase is for storm sewer repairs that are included in the 2021 adopted capital budget. No additional City appropriation is required with the adoption of this resolution.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) 41 (University-Whitney), City of Madison.
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) 41 has not changed and is legally 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 41 was published in the Wisconsin State Journal on April 2, 2021 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 41; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on April 12, 2021, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID 41; 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 blight...
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