City officials presented information earlier this week about the proposed expansion of Madison’s tax increment financing district and redevelopment zone into the downtown historic district.
Officials addressed residents during a public forum Tuesday afternoon while discussing the city’s work toward being named as a finalist for the Stellar Communities designation and the expanded TIF district. Community Relations Director Andrew Forrester said the two programs could “go hand-in-hand.”
The Stellar Communities strategic investment plan will be submitted later this month, but the application has been years in the making.
Forrester said the beginnings can be traced back to ENVISION Jefferson County, which brought the ideas and direction residents want to see the community go.
Next came the America’s Best Communities Competition and the city’s updated comprehensive plan.
Now that city officials have a plan of where the community hopes to go, funding is needed. The Stellar Communities designation could help to advance those ideas, but an expanded TIF district could also provide needed funding for some of the projects, help to attract new business enterprises to the area and attract or retain jobs.
Bob Cooke, the city’s human resources manager who also works with special projects, said the proposed TIF district expansion is something that has been discussed and worked toward for quite some time.
The TIF district collects funds from commercial and industrial properties that are then used for improvements within the redevelopment zone or areas directly affecting the zone.
No TIF funds are collected on homestead or personal property.
The current TIF district and redevelopment zone encompasses much of the hilltop area along and north of Clifty Drive.
Cooke said the proposed TIF district would follow the railroad tracks down to the downtown historic district area.
A study compiled by Reedy Financial Group estimates the impact on tax revenues to various arms of government and non-profit governmental entities will be minimal.
The proposal is currently under review by the City of Madison’s Redevelopment Commission.
If approved a resolution – which would include a map, financial impact study, parcel list and project list – would be forwarded to the city’s Plan Commission, the Madison City Council where a public hearing would take place, and back to the Redevelopment Commission for a final approval.
The timeline could take six weeks or longer with public input possible during each phase.