Lake County approves creation of TID for new development in Madison
Posted on Friday, April 22, 2016
Article revised from original with permission from KJAM Radio.
Lake County Commissioners have approved a plan for the creation of a tax increment financing district (or TID) to be created in Madison for a development within the city. The development, being done by Phase 3 Development, LLC, is scheduled to ultimately include two 14-unit multi-family townhome type apartment buildings, two commercial strip mall projects, and a fast food restaurant on property located between 8th and 10th Streets Southwest and South Union Avenue. Brian Kern of Madison met with county commissioners regarding the development and TID during their meeting on Tuesday.
The TID for the development will be for a total of 875-thousand dollars. The entire project costs are listed as close to five-million dollars. Construction on the housing portion of the development is expected to begin this summer, with the commercial property not scheduled to be done until 2018. Kern said the townhomes will include one, two, and three bedroom units and will be built by a local contractor.