Two affordable housing projects could bring 529 new apartments to Madison‘s west side, both in District 19 and both requesting city financing backed by Tax Increment District funds.
The proposals are listed as file numbers 93149 and 93150 in the Common Council new business summaries from the May 19 meeting. Together, they seek a combined $4.9 million in TID-supported General Obligation borrowing across two separate TIDs.
What’s being proposed and where
The larger development would be built at 6518 and 6526 Grand Teton Drive. It seeks $2.9 million in TID 56-backed borrowing to construct approximately 302 affordable apartments and 148 parking stalls.
The second project is proposed at 5559 Odana Road and 5542 Medical Circle. It would bring roughly 227 affordable units and 132 parking stalls, with $2.0 million in TID 57-backed borrowing.
Both sites are in District 19, represented by Alder John P. Guequierre.
How the financing works
Both proposals are resolutions to add General Obligation borrowing supported by their respective TIDs to fund construction of the units and parking at each address.
The Finance Committee is scheduled to review both resolutions on June 1, followed by a full Common Council vote on June 9.
How to weigh in
Residents can register to speak at committee meetings once agendas are posted, or register in support or opposition without speaking. Written comments can also be sent directly to Guequierre or to all alders at al*******@***********on.com.
The items are listed as file numbers 93149 and 93150 on the District 19 council summary page (above), which includes instructions for registering to speak.
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