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File #: 64795    Version: 1 Name: 12257 TID 42 Project Plan Amendment 2021
Type: Resolution Status: Passed
File created: 3/23/2021 In control: Economic Development Division
On agenda: 5/18/2021 Final action: 5/18/2021
Enactment date: 5/24/2021 Enactment #: RES-21-00380
Title: Approving the Amendment to the Project Plan for Tax Incremental District (TID) 42 (Wingra), City of Madison.
Sponsors: Tag Evers, Sheri Carter, Satya V. Rhodes-Conway
Attachments: 1. 12257 TID 42 2021 Project Plan Amendment.pdf
Fiscal Note
The proposed resolution authorizes a second project plan amendment for Tax Incremental District (TID) #42 (Wingra) to provide funding to the Community Development Authority (CDA) for development and improvements at the Village on Park area and to authorize the use of these funds within a half mile area surrounding TID #42. As stated in the project plan, $11,200,000 will go towards a Village on Park parking structure, Urban League of Greater Madison Black Business Hub, owner occupied affordable housing, demolition of Village on Park north building, and construction of a new parking lot. These projects, along with additional authorization for land acquisition and administrative costs, will increase the total TIF eligible costs by $12.1 million in TID #42 to $28,173,000. The $12.1 million of additional projects will be funded by $9.1 million of borrowing and $3 million donated from TID #39. No additional City appropriation is required with the adoption of this resolution. A resolution amending the 2021 Adopted Budget will be required following adoption of the project plan amendment.
Approving the Amendment to the Project Plan for Tax Incremental District (TID) 42 (Wingra), City of Madison.
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 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 42 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 ...

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