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Committee recommends council approve amended PILOT for 6908 Century Avenue
Summary
The Middleton Finance and Personnel Committee on Jan. 6 recommended that the Common Council approve an amended payment-in-lieu-of-taxes (PILOT) agreement with the Middleton Development Corporation for property at 6908 Century Avenue, including an indexation clause capped at the lesser of 2% or the CPI.
The Middleton Finance and Personnel Committee recommended that the Common Council approve an amended and restated payment-in-lieu-of-taxes agreement with the Middleton Development Corporation for the property at 6908 Century Avenue.
Committee discussion focused on how the pilot payments can be used and how the payments will be adjusted over time. Unidentified Speaker 3 asked whether the agreement’s language that the city "may use and expend the pilot payments ... as the city desires" means the receipts will go into a separate fund or the general fund; Unidentified Speaker 2 replied, "It's budgeted in the general fund." The committee also discussed whether other municipalities dedicate PILOT revenue to affordable housing; Speaker 2 said practices vary by community.
Members questioned the indexation method. The agreement ties increases to the lesser of 2% or the Consumer Price Index; Speaker 2 said that structure was negotiated so developers can plan around a predictable lower bound while allowing CPI protection if larger increases occur. The committee voted to recommend council approval; the motion was moved by Unidentified Speaker 3 and seconded (as recorded in the meeting). The committee chair announced the ayes have it and recommended council consideration.
Next steps: the recommendation will go to the Common Council for final action.
