Commission recommends TIF for 28‑unit Summit of Van Epps affordable housing project
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Summary
The planning commission recommended a tax‑increment financing district to support a 28‑unit affordable housing project adjacent to ICAP services; developers said rents will range roughly from $540 for studios to about $1,245 for three‑bed units and that construction could begin mid‑to‑late July.
The Madison Planning Commission on April 14 recommended the creation of Tax Increment District No. 8 to support the Summit of Van Epps, a proposed 28‑unit affordable housing project developed by Lloyd Companies in partnership with Inter Lakes Community Action Partnership (ICAP).
Staff explained that the site currently has taxable value of $0 and that planned improvements are expected to generate roughly $2.3 million in new value; under the TIF structure the increment would be used to reimburse project costs and to support on‑site resources. Toby Morris, participating remotely, and Luke Whitgraf of Lloyd Companies described the project as a mix of studio through three‑bedroom units targeted to households at roughly 30%–60% of area median income, with rents starting at about $540 for studios and up to about $1,245 for three‑bed units.
ICAP representatives said the plan includes a commercial kitchen to support senior nutrition, regional frozen‑meal distribution and other support services; Mike Anderson from ICAP noted the kitchen would expand capacity for senior meal production and partnership with Feeding South Dakota.
The commission voted to recommend the TIF and move the project forward for city commission consideration; developers said construction could start mid‑to‑late July with an 11–12 month build schedule if approvals proceed.
The city commission will consider the TIF and project plan in its upcoming proceedings.
