City of Madison, Wisconsin | Legislative Information Center
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File #: 67071    Version: 1 Name: TID 25 & TID 35 - Rescinding Dissolution
Type: Resolution Status: Passed
File created: 8/23/2021 In control: ECONOMIC DEVELOPMENT COMMITTEE
On agenda: 8/31/2021 Final action: 8/31/2021
Enactment date: 9/7/2021 Enactment #: RES-21-00594
Title: Rescinding RES 21-00516, Dissolving Tax Incremental District (TID) #25 (Wilson Street Corridor) and RES 21-00515, Dissolving Tax Incremental District #35 (West Beltline Highway) in order to address a statutory requirement under Wis. Stat. §66.1105(6)(g) related to the affordable housing extension. (4th & 14th A.D.)
Sponsors: Michael E. Verveer
Attachments: 1. FILE ID 67069, 2. FILE ID 67070
Related files: 67069, 67070
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
8/31/20211 COMMON COUNCIL Adopt Under Suspension of Rules 2.04, 2.05, 2.24, and 2.25Pass Action details Meeting details Not available
8/23/20211 Economic Development Division RECOMMEND TO COUNCIL TO ADOPT UNDER SUSPENSION OF RULES 2.04, 2.05, 2.24, & 2.25 - MISC. ITEMS  Action details Meeting details Not available

Fiscal Note

No City appropriation required.

Title

Rescinding RES 21-00516, Dissolving Tax Incremental District (TID) #25 (Wilson Street Corridor) and RES 21-00515, Dissolving Tax Incremental District #35 (West Beltline Highway) in order to address a statutory requirement under Wis. Stat. §66.1105(6)(g) related to the affordable housing extension. (4th & 14th  A.D.)

Body

WHEREAS, the Common Council adopted RES 21-00516 and RES 21-00515 (together the “Resolutions”) on July 20, 2021 in order to extend the life of TID #25 and TID #35 for an additional year to collect increment for affordable housing pursuant to Wis. Stat. §66.1105(6)(g); and

 

WHEREAS, the Resolutions raised concerns for the Wisconsin Department of Revenue over compliance with a statutory provision requiring that the Resolutions state “the city shall use at least 75 percent of the increments received to benefit affordable housing in the city. The remaining portion of the increments shall be used by the city to improve the city's housing stock.”; and

 

WHEREAS, by rescinding the Resolutions and adopting a new resolution (concurrent resolutions FILE ID 67069 and FILE ID 67070), the matter will be addressed and resolved with no impact to the City.

 

NOW THEREFORE BE IT RESOLVED, that RES 21-00516 and RES 21-00515 are hereby rescinded by the Common Council.