Fiscal Note
The proposed resolution approves the fifth amendment to the TID 42 Project Plan. The amendment includes the use of $1.6 million in donated increment from TID 44 Royster Clark to fund CDA revitalization activities in TID 42 Wingra at the Village on Park (Munis project #13624). No additional City appropriation required.
Title
Approving the Amendment to the Project Plan for Tax Incremental District (TID) #42 (Wingra), City of Madison. (District 13, District 14)
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 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 boundary of TID 42; 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 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 real property in the TID.
3. The aggregate value of equalized taxable property of the TID, plus all exi...
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