Fiscal Note
The proposed resolution authorizes a Project Plan Amendment for Tax Incremental District (TID) #36 (Capitol Gateway). This amendment authorizes $55.0M in project plan amendments including $50M in donations to TIDs 42 (Wingra) and 51 (South Madison) over a five-year period, $4.5M in support for the Public Market located in TID 36 (included in the 2023 adopted capital budget), and $500K for additional administrative and professional costs. Under the revised project plan, the total TIF-supported costs are $107.4M. 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) #36 (Capitol Gateway), 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 36 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 36; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on February 3, 2023, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan for TID 36; 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...
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