The Madison City Council has adopted new TIF rules based on recommendations from the Economic Development Committee and a subsequent review by a special council committee. Some changes to the new policy include:
- In a change from the previous “50% rule,” staff would be allowed to consider requests for up to 55% of new property taxes generated, but requests for more than that would be subject to review by the Board of Estimates.
- A rule mandating that the city share in developer profits would be eliminated.
- The city would be allowed to create up to two speculative TIF districts before an anchor project is identified.
- The city would loosen a rule allowing TIF only when there is a financial gap for a project if the project creates more than 100 living-wage jobs, produces affordable housing, and meets other standards.
