What's Happening in Madison, WI…

Millions of dollars earmarked for development could be available for Fitchburg and Madison’s South Side.

The funds will come from the creation of a tax incremental financing zone. Madison has received final authorization to establish the zone and it has the potential to provide an unprecedented $115m to bolster various initiatives taking place on the developing South Side. The decision was made by the Madison Joint Review Board which comprises of members who represent the city, Dane County, Madison Area Technical College, and Madison School District.

The new district is named TID 51. It has boundaries that include Beltline, John Nolen Drive, Wingra Creek, and Fish Hatchery Road. City officials have stated that the purpose of this district is to tackle overdue infrastructure requirements, address historical inequalities, and fulfill the needs of absorbing a significant part of Madison last year. Graphic design could be used to outline a district’s boundaries.

Mayor Satya Rhodes-Conway expressed his gratitude about the approval, describing the level of investment as “unprecedented”.

TID 51 is estimated to have $99.4m in expenses that qualify for tax increment financing (TIF) and $15.5m in expenses that will be repaid by property owners' assessments or state and federal grants. Additionally, the city plans to utilize the "half-mile rule," which permits the use of tax revenues within half a mile of the TIF district's boundaries.