Soglin: Edgewater Project Could Still Get TIF Funding
Madison Mayor Paul Soglin said he will keep full tax incremental financing (TIF) dollars available for the Edgewater Hotel project, but it’s all about the timing.
Soglin hasn’t been secretive of his opposition to the funding, which the Common Council approved last year. In fact, Soglin shrunk that funding in next year’s budget proposal to just $3.3 million.
However, he said the full $16 million is still a possibility.
“The deal that was made was honored — every aspect of it,” Soglin said on Tuesday.
He said there’s no obligation to keep that deal beyond the current budget year.
For the first time, Soglin made public that he’ll sign off on the full $16 million, but only if the developer, Hammes Co., gets its TIF papers into the city by Dec. 31.
Although Hammes Co. officials said in September that the project was ready to go, Soglin said he has seen none of the paperwork necessary to move forward.
“I don’t know why,” Soglin said. “They’ve had an opportunity all year to do it. They can lock in the $16 million in TIF. As much as it would be disagreeable to me, I’ll sign ’em.”
Repeated attempts to reach a representative from Hammes Co. on Tuesday were unsuccessful.
In September, a spokesperson said if the TIF funding wasn’t fully restored in next year’s budget, the project wouldn’t move forward.
City alders will have the opportunity to restore that funding to next year’s budget proposal starting next week.