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File #: 72107    Version: 1 Name: 12284 - TID 50 2022 State Street TID
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 Creation of the Project Plan and Boundary for Tax Incremental District (TID) #50 (State and Lake), City of Madison.
Sponsors: Patrick W. Heck, Michael E. Verveer
Attachments: 1. 12284 TID 50 (State and Lake) Project Plan.pdf, 2. 12284 TID 50 Creation (State and Lake) JRB Report.pdf
Fiscal Note
No additional City appropriation is required with the approval of creating TID #50 and the proposed project plan. The 2022 adopted capital budget includes $600,000 for PCED projects supported by proceeds from the TID. 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 the Project Plan and Boundary for Tax Incremental District (TID) #50 (State and Lake), 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 create 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 creation of the TID Project Plan and Boundary for TID 50 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 boundary of TID 50; 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 creation of the Project Plan and Boundary for TID 50; 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 mixed use within the meaning of 66.1105(2), Wisconsin Statutes.

2. The improvement of such area is likely to significantly enhance the value of a substantial portion of t...

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