TIF District Request Granted

Posted on Tuesday, November 20, 2007

Madison Commissioners last night granted a request from Randy Schaefer to create a Tax Incremental Finance District in between Washington and Grant Avenues. TIF Districts are created to pledge some of the increased taxes that result when property improvements are made to help pay the for the cost of associated public investment.

Schaefer plans to build 5 single-family homes, 1 triplex or sixplex, and 2 duplexes. Schaefer estimates the project to cost about $203, 000.

If or when the loans that have been taken out to develop the property are paid off, the city can dissolve the TIF District.

By the end of the 2008 construction year, Schaefer plans to have a minimum of 3 single family residences complete and ready for assessment for the 2009 tax year.

The Madison City Commission voted unanimously to pass the resolutions to both establish and approve the TIF District for Schaefer.