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Waunakee CDA votes to extend TID 5 for one year to add about $700,000 for housing
Summary
The Waunakee CDA voted to extend Tax Increment District 5 for one year to capture roughly $700,000 more in increment for the affordable housing fund, bringing the fund to an estimated $1.5 million once the extension is applied.
The Waunakee Community Development Authority voted to recommend a one-year extension of Tax Increment District (TID) 5 to the Village Board, a move staff said would capture another year of increment and generate about $700,000 for the CDA’s affordable housing fund.
"If we would like to do that with TID 5, we could generate approximately $700,000 to be put in the affordable housing fund," Lauren, a staff presenter, said while outlining the closure schedule and extension option. Staff noted the CDA’s current affordable housing fund balance is approximately $865,000; the extension would bring the fund to roughly $1.5 million.
Board members emphasized the need to pair the funds with a portfolio of projects and potential partners — including the Madison Area Community Land Trust and county or federal programs — to multiply the impact of TID dollars. "When you look at $1,500,000 you gotta have a portfolio of projects," one board member said, urging both programmatic ideas and external matching sources.
A motion to extend TID 5 for another year was moved and seconded and passed by voice vote; staff will take the CDA’s recommendation to the village board for final action. Members asked staff to bring more concrete project ideas and data so the dollars can be spent purposefully rather than left idle.
