New TIF For New Madison

NEW TIF FOR A NEW MADISON

02/19/13

Tax incremental financing is a tough economic development strategy to describe. Suffice to say the city help with infrastructure costs for developers which are offset by increased tax collections, but only over time, are extremely valuable incentives to encourage new development. And frankly, Madison could use them more than it does.

That’s why we strongly support the TIF changes to be considered by the city’s Economic Development Committee Wednesday night. In brief, the new rules will allow greater flexibility in how TIFs are structured while still being fiscally responsible. In part the new rules just make sense. They also make Madison more competitive with other municipalities for good developments. And with a number of potentially game-changing plans for the East Washington Avenue corridor in the pipeline, the new tools are needed now. We look forward to their quick approval.