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Finance committee approves South Madison TID project reallocations, earmarks rental-assistance funds for Parker Place
Summary
The committee unanimously approved amendments to Tax Incremental District No. 51 (South Madison) to reallocate project dollars across park and infrastructure projects and to target previously reserved rental-development assistance to the Parker Place Apartments; staff said total TID dollars remain unchanged.
The Madison Common Council Finance Committee on March 20 unanimously approved amendments to the project plan for Tax Incremental District No. 51 (South Madison) that reallocate funding between projects and specify certain previously unallocated rental-development assistance for the Parker Place Apartments.
TIF staff explained the amendment shifts dollars from some projects that came in under budget (for example Penn Park) to other projects, increasing allocations for Bowman Park and others; the Rimrock Road project was eliminated and its funds rolled into related work. The amendment also moved land-banking dollars from the Community Development Authority (CDA) to support a South transfer-point and the Park and Badger redevelopment.
Most notably, staff said the project-plan amendment is required by statute and the city's process to allocate $10,500,000 that previously had been set aside as a broad financial-assistance bucket for rental development to a specific project, in this case the Parker Place Apartments. Staff advised that allocating those dollars to a named project requires amending the project plan and obtaining joint review board approval; staff emphasized the overall TID total remains $99,480,000.
Committee members received the overview from Dan Rolfes and asked no additional substantive questions. The committee recorded a unanimous vote in favor of the amendment (Legistar 87,015).
Votes at a glance: Legistar 87,015 — amendment to project plan for Tax Incremental District No. 51 (South Madison) to reallocate project funds and designate $10,500,000 in rental-development assistance to Parker Place Apartments — moved by Alder Madison; second not specified; outcome: approved (unanimous).
