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Committee reports out from closed session; staff instructed on negotiating positions for two property matters
Summary
After a closed session under Wisconsin statutes, the Finance Committee reported it discussed two private-property negotiation items — possible TIF investment for affordable housing at 501 E. Washington Ave. and possible land‑banking purchases near 2010 Pennsylvania Ave. — and instructed staff on negotiating positions and next steps.
The City of Madison Finance Committee went into closed session on Feb. 3 under Wisconsin Statute Section 19.85(1)(e) to deliberate or negotiate the purchasing of public properties and the investing of public funds. After returning to open session, the committee summarized its closed‑session discussions and reported direction to staff.
The committee said it discussed Legistar 86889 — negotiations with a developer regarding possible investment of tax-increment financing funds into affordable housing at 501 East Washington Ave. — and instructed staff on a negotiating position regarding the potential project.
The committee also discussed Legistar 86890, regarding possible land‑banking purchases of properties generally at 2010 Pennsylvania Ave., and instructed staff on a path forward for those negotiations.
The committee publicly reported only the fact of discussion and that staff received negotiating direction; no terms, votes or further substantive details were disclosed at the report‑out. The committee cited Wisconsin Statute Section 19.85(1)(e) when moving into closed session and noted that, under Section 19.852, it may reconvene in open session without waiting 12 hours.
Council President Figueroa Cole confirmed the report out and the committee adjourned.
