Madison, WI Header
File #: 75602    Version: 1 Name:
Type: Miscellaneous Status: Approved
File created: 1/13/2023 In control: TIF REVIEW BOARD
On agenda: Final action: 3/17/2023
Enactment date: Enactment #:
Title: RESOLUTION APPROVING THE AMENDMENT TO THE PROJECT PLAN FOR TID 36 (CAPITOL GATEWAY)
Attachments: 1. 12662 TID 36 2023 Project Plan Amendment JRB Report.pdf, 2. TID 36 Project Plan Amendment 2023.pdf
Title
RESOLUTION APPROVING THE AMENDMENT TO THE PROJECT PLAN FOR TID 36 (CAPITOL GATEWAY)

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WHEREAS, the Tax Increment Finance District Joint Review Board for TID 36 held an organizational meeting on January 27, 2023 for the purpose of receiving an overview on the proposed amendment to the Project Plan for TID 36; and

WHEREAS, the City of Madison Plan Commission held a public hearing regarding the amendment to the Project Plan for TID 36 on February 13, 2023 for the purpose of hearing public comment on the amendment to the Project Plan; and

WHEREAS, the Plan Commission of the City of Madison recommended adoption of a resolution amending said Project Plan on February 13, 2023; and

WHEREAS, the Common Council of the City of Madison adopted Resolution No. RES-23-00182, I.D. No. 75795 on March 7, 2023 approving said amendment to the Project Plan for said district; and

WHEREAS, the Joint Review Board met on March 17, 2023 to review the record and found that but for the amendment to the project plan and boundary of TID 36, the projects described therein would not occur; and

WHEREAS, the Joint Review Board for TID 36 has considered the amendment of the Project Plan 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 for said district.

NOW, THEREFORE...

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