Madison approves $11.74 million funding for 'The Gallery' project
The Gallery development is moving forward in Madison the City, with the $60 million mixed-use arts and entertainment district becoming the first project in 15 years to benefit from tax increment financing in the city. In what proved to be the most routine of public hearings Tuesday, Nov. 10, long-serving Madison Mayor Mary Hawkins Butler and the Board of Alderman unanimously approved issuing up to $11.74 million in TIF revenue bonds before adjourning the meeting after just 15 minutes. “It is a great project in an area that needs to be developed and that has been sitting there a long time, so in order to help move it along quickly we said this is a project we need to get behind,” Butler said. “We’re not quick to get involved with tax increment financing and our record shows that through the years, and when we have done it has been very frugal.” What does the TIF plan cover? Described as project-specific financing, the plan will use future tax revenues generated from the development to support potential expansion and public infrastructure like roads, sewer and water. The bonds will also be repaid through future sales tax revenues generated and incremental property tax
