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File #: 72106    Version: 1 Name: 12356 - TID 45 2022 Project Plan and Boundary Amendment
Type: Resolution Status: Items Referred
File created: 6/13/2022 In control: PLAN COMMISSION
On agenda: 6/21/2022 Final action:
Enactment date: Enactment #:
Title: Approving the Amendment to the Project Plan and Boundary for Tax Incremental District (TID) #45 (Capitol Square West), City of Madison.
Sponsors: Michael E. Verveer
Attachments: 1. 12356 TID 45 2022 Project Plan and Boundary Amendment JRB Report.pdf, 2. 12356 TID 45 Legal Description.pdf, 3. 12356 TID 45 2022 Project Plan and Boundary Amendment.pdf
Fiscal Note
The proposed resolution authorizes a Project Plan Amendment for Tax Incremental District (TID) 45 (Capitol Square West). This amendment updates the project plan to include an additional $7.0m to support the Capitol Square Reconstruction public work improvements, as well as $1.2m for non-TIF assessable costs associated with these improvements. With this amendment, the project costs under the plan are increased from $29.0m to $36.0m, and the financing costs are increased from $8.0m to $9.9m. It also authorizes development loans totaling $15.3m, including $2.0m for the AT&T building and $13.3m for the Anchor Bank Building. Finally, it updates the TID boundaries to include portions of Hamilton, West Wilson, and Henry streets.
Title
Approving the Amendment to the Project Plan and Boundary for Tax Incremental District (TID) #45 (Capitol Square West), City of Madison.
Body
WHEREAS Chapter 105 of the Laws of 1975 of the State of Wisconsin created the Tax Increment Law (the “TIF Law”), Section 66.1105, Wisconsin Statutes; and

WHEREAS TIF Law sets forth certain steps which must be followed to amend a Tax Incremental Project Plan and Boundary; 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 and Boundary for TID 45 was published in the Wisconsin State Journal on June 10 and June 17, 2022 as required by TIF 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 45; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on June 27, 2022, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan and Boundary for TID 45;...

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