Fiscal Note
No additional City appropriation is required with the approval of creating TID #49 and the proposed project plan. The 2022 adopted capital budget includes $1.0 million for Engineering major streets and stormwater improvements and $2.1 million for Economic Development developer loans. Additional 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) #49 (Femrite Dr), 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) #49 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 #49 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 #49 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 #49; 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 industrial use...
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