The Madison City Commission has delayed action on a resolution creating a new Tax Increment District in the city. During their meeting Thursday, commissioners heard from Clint Powell of Linchpin Corporation regarding the TID-Number Four to be used for the redevelopment of several lots in the 500 and 600-block of Southwest 4th Street. Powell said that the lots would be developed into up to 20 townhome units. He said this is an affordable housing TIF, with some of the funding coming through the South Dakota Housing Development Authority.
Mayor Roy Lindsay said he supports the project, but wants more information on project and site development plans, as well as a letter of commitment from a bank or financial institution. He said that the city also would like to have Toby Morris with Colliers Securities go through the TID information.
City Administrator Jameson Berreth said that there is a lot of value in a redevelopment project like this, but there are just a few more things the city would like to go through before commissioners take action on approving the tax increment district.
Commissioners voted to table action on the creation of Tax Increment District-Number Four until their next meeting on January 17th.
January 9, 2023