Alders Patrick Heck and Mike Verveer are proposing the creation of a tax incremental financing (TIF) district in the greater State Street area between the Capitol Square and Lake Street to boost the downtown area, according to a report from the Wisconsin State Journal. The proposed TIF would deliver funds for State Street amenities, repairs, and upgrades; grants for small businesses; and funding for the redevelopment of a State Street parking garage. Additionally, Verveer proposes changing the boundaries of an existing TIF district west of the Capitol Square to produce an extra $8.2 million to bury power lines and make stormwater improvements in the West Wilson Street area.
Madison has used TIFs for 40 years to improve downtown with projects including the Monona Terrace Hilton hotel, the Block 89 redevelopment facing Capitol Square, Judge Doyle Square, and condo projects.
