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File #: 75808    Version: 1 Name: 12664 TID 42-2023 Project Plan Amendment
Type: Resolution Status: Passed
File created: 1/27/2023 In control: Economic Development Division
On agenda: 2/7/2023 Final action: 3/7/2023
Enactment date: 3/10/2023 Enactment #: RES-23-00184
Title: Approving the Amendment to the Project Plan for Tax Incremental District (TID) #42 (Wingra), City of Madison.
Sponsors: Satya V. Rhodes-Conway, Tag Evers
Attachments: 1. 12664 TID 42 2023 Amendment - JRB Report.pdf, 2. 12664 TID 42 2023 Project Plan Amendment.pdf, 3. 12664 Legal Description.pdf
Fiscal Note
The proposed resolution authorizes a Project Plan Amendment for Tax Incremental District (TID) #42 (Wingra). This amendment authorizes $2.8M in project plan amendments to support CDA costs at Village on Park. These additional expenditures are funded through a donation of incremental revenue from TID 36. Under the revised project plan, the total TIF-supported costs are $42M. No additional City appropriation is required with the adoption of this resolution.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) #42 (Wingra), 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 amend a Tax Incremental Project Plan; and

WHEREAS a Notice of Public Hearing by the Plan Commission to afford interested parties an opportunity to express their views on the amendment to the TID Project Plan for TID 42 was published in the Wisconsin State Journal on February 3, 2023 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 42; and

WHEREAS the Plan Commission of the City of Madison held a public hearing on February 13, 2023, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID 42; 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 blighted 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 the other...

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