The City of Madison, Wisconsin, the Madison School District, and other taxing entities on Monday approved a new tax increment financing district that will support three big redevelopment projects valued at $130.7 million on the West Side of Capitol Square.
The TIF Review Board — composed of the city, school district, Dane County, Madison Area Technical College and a citizen representative — voted unanimously to create the district and approve a project plan.
The district “fits our new TIF policy to a T” with loans to encourage economic development that will be repaid in a relatively short period of time, Ald. Mike Verveer, 4th District, who represents the area, said later.
The city will give TIF loans to two projects: Urban Land Interests’ AnchorBank redevelopment on West Main and South Carroll streets, and Hovde Properties’ AT&T building renovation on the 300 block of West Washington Avenue — already approved by the City Council.
ULI’s project, which has a city-approved $13.3 million TIF loan, includes redevelopment of 186,000 square feet of office space, 100 apartments, 43,000 square feet of retail space and 548 underground parking spaces and would be valued at $84.7 million.
Hovde’s AT&T project (pictured above), which got a $2 million TIF loan, would create up to 50 construction jobs and increase the number of jobs from 43 to 443 in the renovated building (built in 1970) and be valued at $21 million.
A third potential project by Hovde could create 100,000 square feet of office space and possibly a new home for the state Historical Society and Veterans museums.