Madison to Consider First Tax Increment Finance District

Posted on Monday, November 19, 2007

The Madison City Commissioners will meet in regular session this evening at Madison City Hall. Two resolutions will be addressed that would both establish and approve the creation of the city’s first Tax Increment District. The TIF District would be created on the south end of 4th Street between Washington and Grant Avenues. Randy Schaefer, who owns the property, is requesting that the TIF be established to house single families with incomes that fall under the low to moderate range. The TIF District would also establish three-plex and duplex units to buy or rent.

Under the proposed resolution, the city of Madison would finance the project, with repayment from the property owners scheduled via increased taxes.

With acquisition and demolition, water, sewer asphalt curb and gutter, engineering fees construction administration, capitalized interest and attorney fees Schaefer expects the project to cost over $200, 000.

The Madison city commissioners will meet beginning at 5:30PM this evening.