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Madison Plan Commission recommends five tax-increment finance amendments, creation for council approval
Summary
The Plan Commission voted unanimously to recommend council approval of amendments to TIDs 42, 45, 48 and 53 and to create TID 55 (Voigt Farm), moving each item forward with project-cost and boundary changes described by staff.
The Madison Plan Commission on June 23 unanimously recommended that the Common Council approve amendments to four existing tax incremental financing (TID) project plans and create a new TID for the Voigt Farm area.
Dan Ross, manager with the city’s real estate/finance group, presented one combined update covering TIDs 42, 45, 48 and 53 and the proposed new TID 55. Ross said the changes range from budget reallocations to boundary additions and a development loan for a downtown affordable housing project. “There’s 1 change being proposed in this amendment to add a million 4 to pay for South Park Street utilities,” Ross said of TID 42; he later described cost and boundary changes for the other districts and a proposed $8.5 million funded-project cost for the new TID 55.
The TID amendments and creation matter because they authorize the city to reallocate increment and make certain project expenditures. Ross…
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