City of Madison, Wisconsin | Legislative Information Center
Share to Facebook Share to Twitter Bookmark and Share
File #: 34645    Version: Name: Greenbush Housing Renovation Program
Type: Resolution Status: Passed
File created: 6/26/2014 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 8/5/2014 Final action: 8/5/2014
Enactment date: 8/7/2014 Enactment #: RES-14-00577
Title: SUBSTITUTE Authorizing the creation of a Greenbush Housing Renovation Program in Tax Incremental District #43 (Park-Drake) to provide funding for the purchase and/or renovation of rental properties to owner-occupied properties.
Sponsors: Ledell Zellers, Denise DeMarb, Lucas Dailey
Attachments: 1. Greenbush TID 43 - Expenditure Area.pdf, 2. Version 1 ID# 34645 Master21-Jul-2014-08-03-46.pdf
Fiscal Note
The 2014 adopted capital budget of the Planning and Community and Economic Development agency (PCED) authorizes expenditures of $1,000,000 to implement a Small Cap TIF program in TID #43 to assist with the conversion of deteriorating rental housing stock into renovated single family homes (Project No. 34, "TID 43 - Park/Drake," Acc't No. 824301). No additional appropriation is required.
Title
SUBSTITUTE Authorizing the creation of a Greenbush Housing Renovation Program in Tax Incremental District #43 (Park-Drake) to provide funding for the purchase and/or renovation of rental properties to owner-occupied properties.
Body
In recent years, the Greenbush Neighborhood and adjacent Park Street Corridor has seen a surge of rental apartment construction. At the same time the market for student housing has shifted dramatically in recent years to the newer and larger buildings closer to campus. Furthermore, the rebound of the owner-occupied housing market creates the opportunity to convert older 2-3 unit rental buildings in the Greenbush neighborhood back to owner occupancy.

With the adoption of TID 43, tax increment generated by new development has created an opportunity to fund a program that would help renovate existing rental property by converting units that may have housed large numbers of renters to an owner-occupied property of one to three units. Such a program would provide funding that will help close the gap between a building’s value as a rental property and a buildings value as an owner occupied building after renovation costs. The program would increase the range of housing options available in the Greenbush neighborhood and renovate deteriorating properties.

WHEREAS on September 17, 2013, the Common Council of the City of Madison adopted Resolution No. 13-00698 creating a boundary and Project Plan for Tax Incremental District (TID) #43 - Park-Drake ("District") as set forth by Wis. Stats. 66.1105 ("TIF Law"); and

WHEREAS TIF Law enables...

Click here for full text