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<br />MEMORANDUM OF AGREEMENT <br /> <br />This Agreement is made and entered into this 1i day of <br />by and betWeen the Town of Madison' (the "Town") and the City of F <br />"City"). <br /> <br /> <br />RECITALS <br /> <br />WHEREAS, 2005 Wisconsin Act 13 all()ws a town to create a 'ta>>in~ental <br />district Pwsuant to Section 66.1105 ot the .;~eQnsjn Statutes (the "TS Increment <br />Law"), provided that. certain requirements specified in Section 66;1105(16)(a) are <br />satisfied;' and <br /> <br />WHEREAS" the Town desires to create Tax'Incremental District N(). 1, Town of <br />Madison, Wisconsin. (the "DistrictU) in accordance with the provisions of the Tax <br />Increment Law; and <br /> <br />WHEREAS, pursuant to a requirement speoified in Section 66.1105(16)(a), the <br />City must adopt a resolution approving tne creatlon of the Distri,ct; and <br /> <br />WHEREAS, the City has expressed concerns regarding the tenns of any tax <br />incremental financing of developer incentives within the District; <br /> <br />WHEREAS, the City desires the de:v~lopment within the District to be consistent <br />with other proposed neighboring developm~t and Jand use plans within the. City; <br /> <br />NOW, THER;EFORE, in consideration of the foregoing recitations ahd the mutual <br />promises and covenants contained in this Agreement, the parties agree as follows <br /> <br />1. The Town shall not enter into agreements with private developers to <br />provide funding for private development within the Pistrict unless there is <br />sufficient tax increment from the District to 'cover the costs associated with <br />{ihe developer incentives. <br /> <br />2. Any project costs relatiI)g to developer incentives for the District shall be <br />payable solely from tax increment generated by the District (pay as you go <br />. developer bonds) rather than by general obligations incurred by the Town. <br /> <br />3. No obligation under the District shall extend 'past the date of the attachment <br />of the Town's territory under the Cooperative Agreement between the <br />Town, the City, and the City of~adison (the "Cooperative AgreemenC'). <br /> <br />H :\DOCS\OO l112\OO0028\OO 130084.DOC <br /> <br />1 <br />