[{"_1":2,"_99":-5,"_100":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6063116,"mediaKeyId","3270840-cdd948b22d7831cfa7539a4fbf3d3ef3","parentId",3270840,"title","Madison council backs $4.9 million TIF bond to seed riverfront, housing and park projects amid public concern over zoning and historic district","audioSeconds",3342,"startMs",292000,"endMs",3634000,"viewUrl","/Search/View?dp=1&key=3270840-cdd948b22d7831cfa7539a4fbf3d3ef3&start=292&end=3634","thumbnailUrl","https://assets.pipeline.soar.com/3270840-cdd948b22d7831cfa7539a4fbf3d3ef3/thumbnail_292000.jpg","articleUrl","/articles/6063116/Madison-City/Jefferson-County/Indiana/Madison-council-backs-49-million-TIF-bond-to-seed-riverfront-housing-and-park-projects-amid-public-concern-over-zoning-and-historic-district","mediaUrl","https://secure.pipeline.soar.com/6063116-7ff67d833fb18ecbb226a028c2f1d458/orig.mp4?Expires=1770425922&Signature=AA7cBzgAtA1ZqIbQHpOCs14Xm48eOw9fHGbJjvtCincomYt39Kn8yHUk2cSmD78J1wKSsO16WxUP0XhswjYUOTCyD-u54gXD5s0lo4IrdF80A9vN~mztwnQAMkRJnnt0hhGpgdKl05XjeWplLJNfRzqbERKgWcrPiqIg3oUoSYmDufK2AkPcFO4fQt4iFdSy2BtBZVTtWgSSuAQNiICn~RLt1HRDmBcjI3cCFGPUx6tqkxwj~aUCBqOpwu3Qd5kDfThLsN765Jc92IDihRvP8h3V766WKRZqajaGxwQTMsyatfmVSzijZEai4W4ttT6VjDlVmm74-TYNLa2x9Y8VlQ__&Key-Pair-Id=KUT5TJCACFTXG","author","City Council of Madison IN","date","2025-05-10T19:08:41Z","article","The Madison Common Council on Tuesday voted to endorse the redevelopment commission’s authorization to issue tax increment financing revenue bonds—up to $4.9 million—to fund a package of riverfront and housing projects, while residents urged the council to delay financial commitments until zoning for a proposed riverfront district is decided.

The bond resolution was the council’s formal approval of an action the Madison Redevelopment Commission already authorized; the funds would be used alongside grants and private investment for four major projects described by city staff: market-rate apartments at the Cole (riverfront) property, a new entry‑level single‑family subdivision on the hilltop, renovation of Welch Park on the riverfront, and a permanent amphitheater by Centennial Park. The council’s roll-call vote on the resolution recorded unanimous support among members present.

Why it matters: city leaders say the borrowing would use revenues tied only to the North Madison allocation area to pay debt service, allowing the city to invest now in projects intended to multiply local investment before that allocation area expires in 2035. Opponents said the financial step comes before a public zoning decision and risks permanent changes to the historic riverfront.

City presentation and finance details

Emily (redevelopment staff) told council the redevelopment plan is built on the city’s 2016 comprehensive plan and recent grant awards; “with these $4,700,000 from the bond, we intend to leverage it to create $87,000,000 in investment, which has a multiplier effect of 18 to 1,” she said. She presented the four project concepts and said several are at an early stage but that the city needs to establish financial commitments to finish negotiations and economic development agreements.

Gary Smith of Reed Financial Group, the city’s financial adviser, presented the bond analysis and said the resolution sets maximum parameters for the issue: borrowing not to exceed $4,900,000 and an interest rate not to exceed 6 percent (the later pricing estimate shown in the materials was about 4.59 percent). He emphasized the repayment pledge: “the only source of repayment are the revenues of the North Madison allocation area,” and that existing bonds already pledge revenue from that allocation area.

Smith’s presentation included: a project fund deposit shown as $4,770,000; estimated annual debt service of about $620,000; and a parity/coverage analysis demonstrating statutory compliance with prior bond covenants. The staff and advisers said the North Madison allocation area’s revenues are scheduled to expire in August 2035, creating urgency to maximize investment now.

Council and public reaction

Several council members and many residents urged caution. One council member (name not specified in the meeting transcript) called the sequence “disingenuous,” saying the Cole property project cannot proceed without zoning changes and that asking for bonds before the zoning debate is “putting the cart before the horse.” Mayor (name not specified) and redevelopment officials disputed that characterization, saying planning, zoning and financing work in parallel and that the redevelopment commission can redirect funds if a specific project does not move forward.

Dozens of residents spoke during the public comment period. Representative remarks included: “I don’t want it to change dramatically like that,” said Debbie Beeman, a downtown resident, describing worries about riverfront character. Several speakers urged the council and planning commission to ensure any riverfront zoning and project approvals protect the city’s historic district and river views.

Process and next steps

Council members and staff repeatedly noted the distinction between tonight’s action and future land‑use decisions. The council’s vote supported the redevelopment commission’s authorization to issue bonds; the riverfront district zoning change and project‑level approvals are scheduled for separate public hearings at the planning commission (May 12) and future council meetings (first reading May 20, second reading in June if recommended). Staff and the mayor emphasized that if a rezoning fails or a project does not proceed, the redevelopment commission can reallocate the funds to other projects that meet the redevelopment plan.

Clarifying financial and program details

- Bond maximum authorized: $4,900,000 (resolution parameter).
- Project fund deposit shown in the bond analysis: $4,770,000.
- Pricing estimate displayed in staff materials: about 4.59% interest (resolution sets not to exceed 6%).
- Estimated annual debt service shown in analysis: approximately $620,000 per year.
- Sole pledged repayment source: revenues of the North Madison allocation area (no new tax rate or citywide tax increase has been proposed).
- North Madison allocation area expiration date cited by staff: 08/01/2035.
- Redevelopment staff said the broader set of projects combined with recent grants and private investment could create roughly $80–$100 million of near‑term investment; Emily described the $4.7 million bond proceeds as one lever toward $87,000,000 in leveraged investment.

Ending

The council’s endorsement lets the redevelopment commission proceed with bond issuance under the parameters in the resolution; staff noted project‑level approvals, rezoning for a riverfront district, and developer agreements remain separate public decisions. Officials said those future hearings will include detailed plans and opportunities for additional public comment; opponents said tonight’s vote showed financial commitment coming before key land‑use approvals.

Speakers quoted in this article spoke at the May meeting and are identified in the council’s minutes and the meeting transcript.","mediaType","Video","parentTitle","City Council Meeting- May 6, 2025 (without the wifi connectivity issues)","oneSentenceSummary","The Madison Common Council on Tuesday voted to endorse the redevelopment commission’s authorization to issue tax increment financing revenue bonds—up to $4.9 million—to fund a package of riverfront and housing projects, while residents urged the council to delay financial commitments until zoning for a proposed riverfront district is decided.","taxTitle","Madison City, Jefferson County, Indiana","taxId",52166,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6063107,"City awards paving and transfer‑station renovation contracts as Main Street project moves toward construction",267,7213000,7480000,"/Search/View?dp=1&key=3270840-cdd948b22d7831cfa7539a4fbf3d3ef3&start=7213&end=7480","https://assets.pipeline.soar.com/3270840-cdd948b22d7831cfa7539a4fbf3d3ef3/thumbnail_7213000.jpg","/articles/6063107/Madison-City/Jefferson-County/Indiana/City-awards-paving-and-transferstation-renovation-contracts-as-Main-Street-project-moves-toward-construction","https://secure.pipeline.soar.com/6063107-d4e6d30c31c08e546499baee442dff80/orig.mp4?Expires=1770425922&Signature=klNreoie5KYG98a2LXVFGDq1f8YLL9ladFYu1WuSmUUzgbAyNub6IKXcWS0J1BSqPrcY5XZwErh97kZfPHaUguvcc3trfpeVSuaQMhJQ-ynBAHeykpaLcLwOMfSdkOsRHRGEwJeiwftAatceC4yszTINE8E-xSVopzWJC75v96JDjIybMEHuq~KuBvrwdHw2Zk1cRsj9cVOwO0oIYvjIlllcZYGyzoAZzo7IdE3bpOrpUU8C8EmxRyUf7pdn6FJIitsMkV8eWA-oPg2Pt6Zq8YRJWy-mWKrsTqw9bTmXLymMLlXNfJyF0ZIs6jjHHo-qvnGgLHyifdfwnFTbf4WbCg__&Key-Pair-Id=KUT5TJCACFTXG","City staff told the Madison Common Council that two public bid openings last week resulted in low bids that fit within available funding and will allow the city to move forward on street work and a modernization phase at the municipal transfer station.

Finance and bids

Betty McGee (city staff) said the community crossings matching grant (CCMG) paving project drew multiple bids and that All Star Paving was the low bidder for the work; the bid came in below the allocated award and staff said the city will review scope options given the favorable pricing. For the transfer station modernization project, Sedan Contracting submitted the low bid; McGee said the project bid included a base scope of necessary emergency items plus three alternates, and that existing project funds are sufficient to complete the base work and the alternates. The transfer station work includes pavement, concrete, drainage, fence replacement, a pre‑engineered steel building and foundations for a recycling compactor, a concrete wall and buttresses for the compactor slab, and siding and roof replacement for the existing structure.

What happens next

Staff said contracts will be awarded consistent with the city’s procurement procedures and that work will proceed after contracts are executed. The council received the bid reports and no objections were raised during the meeting about the awards.

Context

Council members and staff noted the Main Street project has been in planning and engineering for several years; the CCMG award and the transfer station work are part of multi‑year capital improvements the city is now ready to construct.

Speakers and quotes in this item came from city staff reporting bid results at the meeting.","City staff reported two bid openings: All Star Paving won the community crossings matching grant (CCMG) paving contract and Sedan Contracting submitted the low bid for the transfer‑station upgrades. Staff said funding is sufficient to complete all alternates for the transfer station project.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6063112,"Madison council advances first reading to restore cumulative capital development fund to 5¢ per $100 of assessed value",331,6019000,6350000,"/Search/View?dp=1&key=3270840-cdd948b22d7831cfa7539a4fbf3d3ef3&start=6019&end=6350","https://assets.pipeline.soar.com/3270840-cdd948b22d7831cfa7539a4fbf3d3ef3/thumbnail_6019000.jpg","/articles/6063112/Madison-City/Jefferson-County/Indiana/Madison-council-advances-first-reading-to-restore-cumulative-capital-development-fund-to-5-per-100-of-assessed-value","https://secure.pipeline.soar.com/6063112-42b89d73b571ea6d4f58710769eb4ca0/orig.mp4?Expires=1770425922&Signature=I-jbROa4jawouQ8vTb-8JF55HmikmG9hc88flTDrLocUOkgahOnUtKpPZfWutoaIl5Qn15iwZSNxAJh7ugz44KXXNvow2X~NF~pvOy02CHXc4Km7D0siHUUVvnCRsuIHuqkePSbk7bAfomsgRn~TrzPsfgnjwLnZFHVaqvy15-f4t61s7nEYzBB3JnswPbgipz0JZ35lnPylOyp-0cR-zO99XaGOwulZwMJyOR4OzTClDFmTcHGX2WMIzc9UulS6usxfq4EvBzTEfa8LytnXS2LsCBGfTbvSoTmZzJm9QM0jf1t3q0IF46KjClzJMmknZgJsWEk~cbFxSW-XQV42RQ__&Key-Pair-Id=KUT5TJCACFTXG","The City of Madison Common Council on Tuesday carried out the first reading of an ordinance to reestablish the cumulative capital development (Q Cap) fund maximum rate at 5 cents per $100 of net assessed value, a measure city officials said would create modest capital revenue as state property tax changes reduce other local revenues.

City staff explained the Q Cap fund is a statutorily authorized local option tax used for capital and infrastructure purposes (sidewalks, facility repairs, municipal reinvestment). The city’s current adopted rate is 3.34 cents; staff and the ordinance language presented would reestablish the fund at the 5‑cent statutory maximum and provide the council flexibility during the upcoming budget process to set the final rate and appropriations.

Officials cautioned the measure’s final fiscal effect depends on several variables, including net assessed values, circuit‑breaker credits, and other changes in state law. Staff estimated—based on current assessed‑value assumptions and accounting for caps and credits—the rate change could generate roughly $100,000 in additional annual capital revenue, but the estimate will be refined during the city’s budget process and as state rules from recent legislation are finalized.

How it will proceed

Ordinances in Madison take two readings unless council suspends the rules; the council completed the first reading Tuesday and scheduled the required public hearing and the second reading for subsequent meetings. City staff said the measure simply reestablishes the statutory maximum for the Q Cap fund; any final tax rate and budgeted appropriations would still be adopted through the normal budget hearings later in the year.

Residents at the meeting asked how much the change would affect individual property taxes. Staff provided a ballpark example: a $150,000 home could see roughly a $13‑per‑year increase under the estimate they offered, but they cautioned that many owner‑occupied residential parcels in Madison are already at the state’s 1 percent property tax cap and therefore may not see an increase.

The council did not take a final vote on the ordinance Tuesday; the measure will return for a second reading and a public hearing.","Council took first reading of an ordinance to reestablish the city's cumulative capital development (Q Cap) rate at the statutory maximum of 5 cents per $100 of net assessed value to create a dedicated capital revenue stream for facilities, sidewalks and infrastructure as state property tax changes reduce other revenues.","actionData","errors"]

Article not found

Madison council backs $4.9 million TIF bond to seed riverfront, housing and park projects amid public concern over zoning and historic district

City awards paving and transfer‑station renovation contracts as Main Street project moves toward construction

Madison council advances first reading to restore cumulative capital development fund to 5¢ per $100 of assessed value