Members of the Madison Common Council voted to include more of the Mansion Hill district in Tax Incremental District 32 at its Board of Estimates meeting Monday, shooting down a substitute amendment that would not have incorporated areas near James Madison Park.
A Tax Incremental Financing district is an area deemed appropriate for a specific type of development. Projects within the district are identified to facilitate development, according to the Wisconsin Tax Incremental Finance Manual.
One such project is the Edgewater Hotel, which stands to gain $16 in Tax Incremental Financing for redevelopment. However, the city's TIF Review Board has yet to approve the proposed funding for the project. The review board is expected to vote sometime this month.
If the TIF is approved for the Edgewater, the surrounding district will also reap these tax benefits.
Ald. Mike Verveer, District 4 and Ald. Bridget Maniaci, District 2, sponsored the substitute second amendment, which would expand the TIF district to include more of the Mansion Hill neighborhood.
Verveer said after the Edgewater proposal he had hoped more of the Mansion Hill District would be involved in TID 32.
""If you look at the map, not much of the Mansion Hill District is included,"" Verveer said.
Despite Verveer and Maniaci's lack of support, the first version of the amendment was passed.
Editor's Note: In the original posting of this story, the article incorrectly stated that Common Council members did not expand Tax Incremental District 32 at the Monday Board of Estimates meeting. It should have stated that they voted to expand the district on a 3-3 vote with the tie broken by Mayor Dave Cieslewicz. The Cardinal regrets the error.
—Maggie DeGroot
