Fiscal Note
The proposed resolution authorizes the first amendment to the TID 50 Project Plan. The amendment includes $4.8 million in TID-supported borrowing for the State Street Campus Garage (Munis project #14145), $500,000 for Hawthorne Court reconstruction, and $600,000 for sanitary sewer upsizing (Lake Street). No additional City appropriation is required.
Title
Approving the Amendment to the Project Plan and Boundary for Tax Incremental District (TID) #50 (State and Lake), City of Madison. (District 2, District 4, District 8)
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 Boundary; 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 and Boundary for TID 50 was published in the Wisconsin State Journal on February 23 and March 1, 2024 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 amended boundary of TID 50; and
WHEREAS the Plan Commission of the City of Madison held a public hearing on March 11,2024, at which interested parties were afforded an opportunity to express their views on the proposed amendment to the Project Plan and Boundary for TID 50; 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 suited for mixed-use 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 po...
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