Edgewater TIF application resubmitted to city
Brookfield-based Hammes Co. on Wednesday resubmitted to Madison its application (PDF) for tax incremental financing on the estimated $90.5 million redevelopment of the Edgewater Hotel.
Madison TIF Coordinator Joe Gromacki said there were no surprises in the request and Hammes is still seeking the $16 million the city authorized in its 2010 budget.
Hammes wants to redevelop the downtown hotel, which would include renovation, addition of a nine-story tower, a public plaza area on Lake Mendota and underground parking for about 350 vehicles.
The TIF would let the city borrow money to pay for construction of a lakeside terrace on the Edgewater property and public access to the terrace and lake.
The issue now before Madison leaders is how to time the reviews that still need to take place, said Common Council President Mark Clear. The TIF application likely will be introduced by the Common Council Tuesday, but it still needs review from the city’s Board of Estimates.
TIF districts let municipalities borrow money to subsidize developments and pay for utility and street work that serves projects. Communities then use new taxes generated by the projects to pay off the debt.
The Landmarks Commission is also awaiting another review of the Edgewater project after designs changed from the project the commission reviewed in November and denied granting a certificate of appropriateness.
The Board of Estimates and Landmarks Commission are scheduled to meet May 10, Clear said, but a special meeting likely will have to be set for one of the groups to accommodate both city leaders’ and residents’ interest in the reviews. He said Thursday he e-mailed fellow council members to gauge their preference for dates for a special Landmarks Commission or Board of Estimates meeting.
“I’m less prone to ask the Landmarks Commission to move because they actually have citizen members with different responsibilities,” Clear said.
A Common Council vote on the entire project is expected May 18, Clear said.