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Madison Redevelopment Commission adopts resolution to capture incremental assessed value for TIF reporting
Summary
The Madison Redevelopment Commission on May adopted Resolution 2025-3R, formally determining the need to capture incremental assessed valuation for its tax-increment financing allocation areas and completing its required June TIF reporting steps.
The Madison Redevelopment Commission on May adopted Resolution 2025-3R, formally determining a need to capture incremental assessed valuation for its tax-increment financing allocation areas and completing the Commission’s June reporting steps.
The action, approved by motion and a voice vote during the meeting, directs staff to sign the resolution and the accompanying letters and exhibits required for the annual June 15 TIF reporting process and to submit the packet to Gateway, the state submission portal. The packet includes the resolution, an exhibit for each allocation area showing the percentage tests to support not passing through assessed value to overlapping units, and letters for overlapping units.
Why it matters: the June reporting and the determination of capturing incremental assessed valuation are procedural steps TIF authorities must complete annually to document planned use of incremental value and to inform overlapping taxing units.
During the staff presentation, the presenter summarized the reporting packet and the mechanics: the resolution and exhibits demonstrate each allocation area meets the percentage requirement so that the Commission plans to spend 50% of the TIF revenues generated in each allocation area and to not pass through assessed value to the underlying units. Staff said the documents will be signed, mailed to overlapping units, and submitted to the Gateway portal. The presenter also noted that the Commission will receive forms from the auditor’s office after June settlement and will update TIF revenue figures in next month’s financial reporting.
Formal action: a Commissioner moved to approve and sign Resolution 2025-3R; a second was made and the motion carried on a voice vote with the record showing “Aye.” The Commission then executed the required signatures on the resolution and letters.
Discussion versus decision: the meeting record shows this item was presented as an action item with no extended debate; staff sought a motion, and Commissioners approved it. The presentation included clarifying procedural details about the packet contents, the 50% spending statement, and that staff would handle mailing to overlapping units and Gateway submission.
Next steps and timing: staff will sign and mail the letters to overlapping units, submit the packet to Gateway, and incorporate June settlement numbers into the Commission’s next financial report when the auditor’s forms arrive. The Commission’s next regular meeting was scheduled for June 10.
