City of Madison, Wisconsin | Legislative Information Center
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File #: 65873    Version: 1 Name: 12000 - TID 48 (Regent St) Creation
Type: Resolution Status: Passed
File created: 6/8/2021 In control: Economic Development Division
On agenda: 7/20/2021 Final action: 7/20/2021
Enactment date: 7/26/2021 Enactment #: RES-21-00511
Title: Approving the Creation of and the Project Plan and Boundary for Tax Incremental District (TID) #48 (Regent St), City of Madison.
Sponsors: Satya V. Rhodes-Conway, Tag Evers, Juliana R. Bennett
Attachments: 1. 12000 TID 48 Regent St 2021 Project Plan v2.pdf, 2. 12000 TID 48 Regent St 2021 Project Plan.pdf, 3. 12000 Legal Description.pdf
Fiscal Note
No additional City appropriation required with the creation of the proposed TIF district. City costs associated with urban development in this area will be included in future operating and capital budgets, subject to Common Council approval.
Title
Approving the Creation of and the Project Plan and Boundary for Tax Incremental District (TID) #48 (Regent St), 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 create a Tax Incremental District and approve a Project Plan and Boundary; and

WHEREAS Tax Incremental District (TID) #48 is 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 creation of the TID Project Plan and Boundary for TID #48 was published in the Wisconsin State Journal on June 4, 2021 and June 11, 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 proposed TID #48 Boundary; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on June 21, 2021, at which interested parties were afforded an opportunity to express their views on the proposed creation of the Project Plan and Boundary for TID #48; 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 suitable and zoned for mixed use development within the meaning of 66.1105(2), Wisconsin Statutes.

2. The improvement of such area is likely to significantly enhance the value of a substantial portion of the other real property in the TID.

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