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File #: 72251    Version: 1 Name:
Type: Miscellaneous Status: Approved
File created: 6/21/2022 In control: TIF REVIEW BOARD
On agenda: Final action: 7/29/2022
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

Title

RESOLUTION APPROVING THE AMENDMENT TO THE PROJECT PLAN AND BOUNDARY FOR TID 45 (CAPITOL SQUARE WEST)

 

 

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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 and boundary for TID 45 on June 27, 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 June 27, 2022; and

 

WHEREAS, the Common Council of the City of Madison adopted Resolution No. RES-22-00484, I.D. No. 72106 on July 12, 2022 approving said amendment to the Project Plan and boundary for said district; and

 

WHEREAS, the Joint Review Board met on July 29, 2022 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 approved the amendment to the project plan and boundary for said district.

 

NOW, THEREFORE BE IT RESOLVED, and in consideration of the foregoing recitals that the Tax Increment Finance District Joint Review Board for TID 45 hereby approves the Common Council action regarding the amendment to the Project Plan and boundary for TID 45.