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File #: 72251    Version: 1 Name:
Type: Miscellaneous Status: In Committee
File created: 6/21/2022 In control: TIF REVIEW BOARD
On agenda: Final action:
Enactment date: Enactment #:
Title: RESOLUTION APPROVING THE AMENDMENT TO THE PROJECT PLAN AND BOUNDARY FOR TID 45 (capitol SQUARE WEST)
Attachments: 1. 12356 TID 45 2022 Project Plan and Boundary Amendment JRB Report.pdf, 2. Legistar 72106 TID 45 2022 Project Plan and Boundary Amendment Resolution and Project Plan
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Title
RESOLUTION APPROVING THE AMENDMENT TO THE PROJECT PLAN AND BOUNDARY FOR TID 45 (capitol SQUARE WEST)


Body

WHEREAS, the Tax Increment Finance District Joint Review Board for TID 45 held an organizational meeting on June 28, 2022 for the purpose of receiving an overview on the proposed amendment to the Project Plan and boundary for TID 45; and

WHEREAS, the City of Madison Plan Commission held a public hearing regarding the amendment to the Project Plan for TID 45 on June 13, 2022 for the purpose of hearing public comment on the proposed amendment to the Project Plan and boundary; and

WHEREAS, the Plan Commission of the City of Madison recommended adoption of a resolution amending said Project Plan and boundary on April 25, 2022; and

WHEREAS, the Common Council of the City of Madison adopted Resolution No. __­­____, I.D. No. ______ on July 5, 2022 approving said amendment to the Project Plan and boundary for said district; and

WHEREAS, the Joint Review Board met on ______ to review the record and found that but for the amendment to the project plan and boundary of TID 45, the projects described therein would not occur; and

WHEREAS, the Joint Review Board for TID 45 has considered the amendment of the Project Plan and boundary in light of the requirements of Sec 66.1105(4m) Wis. Stats., specifically including the criteria identified under Sec 66.1105(4m)(c)(1), Wis. Stats., and

WHEREAS, the Joint Review Board has determined that the economic benefits of the proposed amendment to the tax incremental district, as measured by increased employment, business and personal income and property value, are sufficient to compensate for the cost of the proposed improvements; and

WHEREAS, the Joint Review Board has determined that the benefits of the proposal outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing jurisdictions, and

WHEREAS, the Joint Review Board examined the Common Council resolution that approve...

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