Madison, WI Header
File #: 70881    Version: 1 Name: 10459 TID 42 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-22-00393
Title: Approving the Amendment to the Project Plan for Tax Incremental District (TID) 42 (Wingra), City of Madison.
Sponsors: Tag Evers, Sheri Carter, Satya V. Rhodes-Conway
Attachments: 1. 12459 TID 42 2022 Project Plan Amendment JRB Report.pdf, 2. 12459 TID 42 2022 Project Plan Amendment.pdf
Fiscal Note
The proposed resolution authorizes a Project Plan Amendment for Tax Incremental District (TID) 42 (Wingra). This amendment authorizes $11.0m in project plan amendments, including $1.0m to support Cannonball Bike Path Construction, $5.0m to support CDA costs at the Village on Park, $4.5m to support land acquisition costs, and $500k for organization, administrative, and professional costs, as well as an additional $576k in financing costs. It also authorizes the donation/allocation of $3,000,000 in positive tax increments from TID 39 to TID 42 and $4,000,000 from TID 36 to TID 42. Under the revised project plan, the total TIF-supported costs are $39.2m. No additional City appropriation is required with the adoption of this resolution.
Approving the Amendment to the Project Plan for Tax Incremental District (TID) 42 (Wingra), City of Madison.
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) 42 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 42 was published in the Wisconsin State Journal on April 8 and 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 42; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on April 25, 2022, at which interested parties were afforded an opportunity to express their views on t...

Click here for full text