City Commission Approves Tax Increment Supplement

Posted on Wednesday, May 21, 2008

The Madison City Commission voted unanimously last night to approve a supplement to the Resolution 2677 Tax Increment Plan for developing a Tax Increment District in Southeast Madison. The supplement calls for an increase from $203,000 to $330,000.

The original resolution was approved last November; however, developer Randy Schaeffer stated during last nights hearing that initial engineering estimates for the project were low.

Concerns were voiced by commissioners concerning the city's liability in case of a possible default, but City Attorney David Jenks stated that in the event of any default by the developer, the city would, under no circumstances be held liable for the note.