New south Madison TIF district proposed
The city of Madison is seeking approval of a new tax increment financing (TIF) district (TID 51) that will provide an estimated $115 million in financial support, including $99 million in TIF funding, for south Madison, according to a news release from the city.
The proposed TID is generally bounded by Fish Hatchery Road, Wingra Creek, John Nolen Drive, and the Beltline Highway. TIF is an economic development financing tool that funds public works and other community investments through new property taxes generated by development growth.
In addition to $50 million of public works projects, the proposed TID 51 plan allocates $22 million for affordable housing; $15 million for community development authority (CDA) revitalization projects; and $19.9 million for economic and community development assistance, of which $6 million is allocated for small business. The plan also funds a 10-year study that monitors the impact of city investment upon residents over the life of the TID. City leaders hope to use this study to guide similar investment strategies throughout the city.