Title
RESOLUTION APPROVING THE CREATION OF THE PROJECT PLAN AND BOUNDARY AND USE OF THE HALF MILE RULE FOR TID 53 (EAST WILSON)
Body
WHEREAS, the Tax Increment Finance District Joint Review Board for TID 53 held an organizational meeting on June 12, 2023 for the purpose of receiving an overview on the proposed creation of the Project Plan and boundary for TID 53; and
WHEREAS, the City of Madison Plan Commission held a public hearing regarding the creation of the Project Plan for TID 53 on June 26, 2023 for the purpose of hearing public comment on the creation of to 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 June 26, 2023; and
WHEREAS, the Common Council of the City of Madison adopted Resolution No. RES-23-00506, I.D. No. 78312 on July 25, 2023 approving said creation of the Project Plan and boundary for said district; and
WHEREAS, the Joint Review Board met on September 28, 2023 to review the record and found that but for the creation of the project plan and boundary of TID 53, the projects described therein would not occur; and
WHEREAS, the Joint Review Board for TID 53 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 the owners of property in the overlying taxing jurisdictions, and
WHEREAS, the Joint Review Board examined the Common Council r...
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