2005 - 2006 LEGISLATURE
September 19, 2005 - Introduced by Representatives Davis and Gard. Referred to
Committee on Ways and Means.
1An Act relating to: the creation of a tax incremental financing district in the city
Analysis by the Legislative Reference Bureau
Under the current tax incremental financing program, a city or village may
create a tax incremental district (TID) in part of its territory to foster development
if at least 50 percent of the area to be included in the TID is blighted, in need of
rehabilitation or conservation, suitable for industrial sites, or suitable for mixed-use
development. Before a city or village may create a TID, several steps and plans are
required. These steps and plans include public hearings on the proposed TID within
specified time frames, preparation and adoption by the local planning commission
of a proposed project plan for the TID, approval of the proposed project plan by the
common council or village board, and adoption of a resolution by the common council
or village board that creates the TID as of a date provided in the resolution.
Currently, if the resolution creating the TID is adopted during the period between
January 2 and September 30, the TID is created on the next preceding January 1.
If the resolution is adopted during the period between October 1 and December 31,
the TID is created on the next subsequent January 1.
Under this bill, if the city of Madison adopts a resolution creating a TID that
contains The Center for Industry & Commerce plat and if that resolution is adopted
during the period between October 1 and December 31, 2005, the TID is created on
January 1, 2005, instead of January 1, 2006.
For further information see the state and local fiscal estimate, which will be
printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
(1) Notwithstanding the provisions of section 66.1105 (4) (gm) 2. of the statutes, 3
if the city of Madison creates a tax incremental district that contains The Center for 4
Industry & Commerce plat, by adopting a resolution under that section, the district 5
is created on January 1, 2005, if the common council adopts the resolution during the 6
period between October 1, 2005, and December 31, 2005.