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Council approves 20-year TID, city to land-bank lots for affordable housing at Voigt Farm
Summary
The Madison Common Council unanimously approved a development agreement creating Tax Incremental District (TID) No. 55, Voigt Farm, authorizing a 20-year mixed-use TID and allowing the city to acquire and land-bank lots intended to support future affordable housing development.
The Madison Common Council on May 6 unanimously adopted a development agreement establishing a 20-year mixed-use tax incremental district (TID No. 55, Voigt Farm) and authorizing the mayor and city clerk to sign a development agreement with Starkweather LLC to support development of the former Voigt Farm site.
The agreement creates TID No. 55 to assist in transforming the property into 13 lots that may be sold to market-rate and affordable housing developers. Council members moved and seconded adoption of the item and, with no objection, the council recorded a unanimous vote in favor.
Why it matters: City staff and the developer told the council the proposal would…
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