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Redevelopment commission approves two EDAs aimed at adding hundreds of homes
Summary
The Madison Redevelopment Commission approved economic development agreements for Madison Woods and Kahler Farms, committing city incentives and performance milestones to support nearly 400–750 housing units across multiple price points; both agreements passed by voice vote with no opposition.
The Madison Redevelopment Commission on Monday approved two economic development agreements intended to accelerate housing construction across the city.
Tony (Redevelopment staff) told commissioners the agreements — for subdivisions called Madison Woods and Kahler Farms — together are expected to generate at least 400 homes over the next three to five years and help fill a locally identified shortfall of about 1,200 housing units over five years. "We're excited today to be able to have call sort of today housing day," Tony said, noting the decisions follow a market study and earlier bond approvals.
Madison Woods, north of Lowe's and Walmart, will include townhomes, small single-family homes and market-rate apartments. Kevin Kellams, speaking for the project team, said the developer (Hackberry Properties/Temple) will set aside 10 lots for Habitat for Humanity and provide sidewalks, street lights and a modest park. Tony said the redevelopment commission expects to invest $750,000 in the project tied to measurable performance metrics; Gary Smith of Reedy Financial Group presented conservative 25-year TIF revenue scenarios and said the city could see a positive nominal return on that initial investment.
The Kahler Farms agreement covers roughly a 29-acre parcel at the western edge of Clifty Drive. Lisa Hammock (one of the developers) said the project will be phased and include patio homes, townhomes and single-family homes with sidewalks and lighting; the team said the layout will minimize impacts on neighboring streets. For the Kahler Farms illustrative study, Reedy Financial assumed a $500,000 per-home build cost, 60 units for the study, and a $500,000 initial city incentive; Gary Smith presented a set of bear, base and bull cases showing net revenues after the incentive and returns on investment in all three scenarios.
Commissioners said the developments are aimed at expanding housing options for a broad range of incomes and at growing the city's tax base. A motion to approve each economic development agreement was made, seconded and approved by voice vote. Tony said the city will begin the council process to annex the properties into the City of Madison as part of next steps.
The commission scheduled a small signing ceremony after the meeting and closed without public comment.
Next procedural step: representatives said they will coordinate performance milestones and return reports as required by the EDAs.
