Fiscal Note
The proposed resolution authorizes a third project plan amendment for Tax Incremental District (TID) #39 (Stoughton Road) to provide assistance to South Madison by donating excess TID incremental revenue to TID #42. As stated in the project plan, this amendment will authorize a $3,000,000 donation from TID #39 to TID #42 in 2021, which increases the total TID #39 TIF eligible costs by $3 million to $11,363,000. Starting in 2021, TID #39 is estimated to generate $3,500,000 of incremental revenue annually. If no additional expenditures are made, the City estimates that TID #39 will have recovered all of its outstanding debts and be able to close by 2022 or 2023. 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.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) 39 (Stoughton Road), 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) 39 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 39 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 39; and
WHEREAS the Plan Commission of the City of Madison held a p...
Click here for full text