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Alders Verveer and Olson who serve on the City’s Board of Estimates are offering a proposal for reforms to Madison’s policies governing Tax Incremental Financing (TIF), an increasingly important tool for promoting economic development goals. The proposed reforms aim to increase community involvement and accountability in TIF-related decisions and to ensure that TIF projects provide clearly stated benefits to the community.
The alders intend to introduce these reforms, approved by Progressive Dane’s General Membership at their monthly meeting last night, at the June 27, 2005 Board of Estimates meeting.
"The City is spending millions of dollars each year on TIF subsidies; all too often, the public gets lost in the complexity of TIF itself and can’t adequately understand what’s being requested as part of a TIF application or what’s at stake for the community," said Ald. Judy Olson, District 6. "We have a responsibility to ensure that the public and stakeholders can participate fully in TIF subsidy decisions and that the process is made more transparent, less complicated and more accessible to taxpayers, neighborhood associations, community organizations and other residents. TIF reform is sorely needed, and this is an important starting point."
Ald. Mike Verveer, District 4 said, "This package of ideas is a logical place to get the long-overdue discussion about TIF reform moving again. If we are to meaningfully shape TIF projects and get the biggest bang for the taxpayers' dollars, then we have to end the first-come, first-serve rush by developers to get to the City's limited TIF funds."
Click here to read the press release sent by PD. Click here for the memo sent by the PD Economic Issues Task Force to the BOE. The State Journal covered the TIF reform suggestions in this article.
Are you new to TIF? Well if you would like to learn more, the Economic Issues task force has developed a 'TIF 101' document for you to read and learn more about the issues surrounding TIF.
Posted by prodane at June 23, 2005 04:05 PM
We, the members of Progressive Dane, join together to form an independent political party in Dane County with a major focus on local issues. We pledge to work to improve the quality of life in Dane County for all people, particularly those marginalized by economic and social discrimination. We will work to improve our local government by making it open, easier to understand, and accessible for all citizens of Dane County. We are working to achieve positive policy change by electing accountable progressive officials and mobilizing citizen action.
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