Fiscal Note
The proposed resolution authorizes a third project plan amendment and second boundary amendment for Tax Incremental District (TID) #46 (Research Park). As stated in the project plan, these amendments are being proposed to authorize the expenditure of $28,105,000 to assist development in Research Park and the redevelopment of Westgate Mall for the creation of affordable housing, to help implement the City’s Bus Rapid Transit (BRT) system, and to implement bike and pedestrian infrastructure improvements within TID #46 and within ½ Mile of TID #46. The proposed amendments modify the total capital costs that TID #46 may recover through tax increment to a total of $37,681,000, which is a $28.1 million increase from the previous project plan total. The proposed amendments include an additional $7,728,000 of financing costs, in addition to the previously included $2,663,000 financing costs. No additional City appropriation is currently required with the adoption of the proposed project plan and boundary amendments. City costs associated with urban development in this area will be included in future capital budgets, subject to Common Council approval.
Title
Approving the Amendment to the Project Plan and Boundary for Tax Incremental District (TID) #46 (Research Park), City of Madison.
Body
WHEREAS Chapter 105 of the Laws of 1975 of the State of Wisconsin created the Tax Increment Law (the “TIF Law”), Section 66.1105, Wisconsin Statutes; and
WHEREAS TIF Law sets forth certain steps which must be followed to amend a Tax Incremental Project Plan and Boundary; 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 and Boundary for TID #46 was published in the Wisconsin State Journal on June 4 and June 11, 2021 as required by TIF Law; and
WHEREAS prior to publication of the Notice of Public Hearing a copy of the Notice was sent by first-class ma...
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