Title
RESOLUTION APPROVING THE CREATION OF THE PROJECT PLAN AND BOUNDARY AND USE OF THE “HALF MILE RULE” FOR TID 51 (SOUTH MADISON)
Body
WHEREAS, the Tax Increment Finance District Joint Review Board for TID 51 held an organizational meeting on January 27, 2023 for the purpose of receiving an overview on the proposed creation of the Project Plan and boundary and use of the Half Mile Rule for TID 51; and
WHEREAS, the City of Madison Plan Commission held a public hearing regarding the creation of the Project Plan and boundary for TID 51 on February 13, 2023 for the purpose of hearing public comment on the creation of the Project Plan and boundary; and
WHEREAS, the Plan Commission of the City of Madison recommended adoption of a resolution adopting said Project Plan and boundary on February 13, 2023; and
WHEREAS, the Common Council of the City of Madison adopted Resolution No. RES-23-00208, I.D. No. 75809 on March 7, 2023 approving said creation of the Project Plan and boundary for said district; and
WHEREAS, the Joint Review Board met on March 17, 2023 to review the record and found that but for the creation of the project plan and boundary of TID 51 and the proposed use of the Half Mile Rule as provided for in State Statutes, the projects described therein would not occur; and
WHEREAS, the Joint Review Board for TID 51 has considered the creation 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 creation of 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 ...
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