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File #: 70878    Version: 1 Name: 12461 TID 36 Project Plan Amendment
Type: Resolution Status: Passed
File created: 4/11/2022 In control: Economic Development Division
On agenda: 5/24/2022 Final action: 5/24/2022
Enactment date: 5/31/2022 Enactment #: RES-22-00391
Title: Approving the Amendment to the Project Plan for Tax Incremental District (TID) 36 (Capitol Gateway), City of Madison.
Sponsors: Syed Abbas, Brian Benford, Satya V. Rhodes-Conway
Attachments: 1. 12461 TID 36 Project Plan Amendment 2022.pdf, 2. 12461 TID 36 2022 Project Plan Amendment JRB Report.pdf
Fiscal Note
The proposed resolution authorizes the fourth Project Plan Amendment for Tax Incremental District (TID) 36 (Capitol Gateway). This amendment:
1. Reimburses the City $6,500,000, including $1,500,000 for the grant to Starting Block, $4,000,000 for the Livingston St Ramp construction, and $1,000,000 for site acquisition for the Livingston St ramp from MG&E.
2. Provides $1,222,000 for the Blair St intersection reconstruction project.
3. Deletes $5,000,000 of project costs that were originally for TIF loans. These projects did not require TIF assistance, and the funds will be reallocated.
4. Donates $4,000,000 of incremental revenue from TID 36 to TID 42 (Wingra).
Under the revised project plan, the total costs supported by TIF are $57.4m. No additional City appropriation is required with the adoption of this resolution.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) 36 (Capitol Gateway), 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) 36 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 36 was published in the Wisconsin State Journal on April 15, 2022 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 36; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on April 25, 2...

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