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MEMORANDUM OF AGREEMENT .This . Agreement is made and entered into this;it day of ~72005 by and between the Town of Madison (the "Town") and the City of Fitchburg (the "City"). RECITALS WHEREAS, 2005 Wisconsin Act 13allQWS a town to create a tax in~emental district Pwsuant to Section 66.1105 of the Wisconsin Statutes (the "Tax Increment Law"), provided that certain requirementsspeoified in Section 66.1I05(l6Xa) are satisfied; and WHEREAS, the Town desires to create Tax Incremental District No.1, Town of Madison, Wisconsin (the "District") in accordance with the provisions of the Tax Increment Law; and WHEREAS, pursuant to a requirement speeified in Section 66.1105(16)(a), the City must adopt a resolution approving the creation of the Distri~t; and WHEREAS, the City has expressed concerns regarding the tenns of any tax incremental financing of developer incentives within the District; WHEREAS, the City desires the development within the District to be consistent with other proposed neighboring development and land use plans within the City; NOW, TIffiREFORE, in consideration of the foregoing recitations aild the mutual promises and covenants contained in this Agreement, the parties agree as follows 1. The Town shall not enter into agreements with private developers to provide funding for private development within the District unless there is sufficient tax increment from the District to cover the costs associated with !the developer incentives. 2. Any project costs relating to developer incentives for the District shall be payable solely from tax increment generated by the District (pay as you go developer bonds) rather than by general obligations incurred by the Town. 3. No obligation under the District shall extend past the date of the attachment of the Town's territory under the Cooperative Agreement between the Town, the City, and the City of Madison (the "Cooperative Agreement"). H :\DOCS\OO 1 J J 2\000028\00 I JOO84.DOC