City looking to revamp TIF policy

The city of Madison is considering changes to its policy on tax incremental financing, according to an article in the Wisconsin State Journal.

In 2014, the city had revised its policy for investing TIF dollars, applying them to larger commercial development projects for prominent local companies, but now wants to explore helping areas with high unemployment. The 2014 changes broadened the city’s TIF policy to keep pace with economic development in surrounding communities. The result was $7 million to leverage larger-scale projects for Exact Sciences, Illumina, and Extreme Engineering Solutions.

Now, alders want to tighten up the city’s guidelines and focus TIF dollars where they are most needed. Proposed changes could be acted on during the first quarter of 2019.