Madison schedules public hearing on proposed TIF plan for new developmentBy NIKKI ROWELL,
Residents of Madison will get the chance to voice their opinions on a proposed tax increment financing plan at a public hearing set for September 3.
Madison Mayor Mary Hawkins Butler and the board of aldermen passed a resolution at the August 20 meeting to set the public hearing date “concerning a tax increment financing plan in connection with tax increment financing revenue bonds…in a principal amount not to exceed $2,500,000.”
The TIF plan is being considered to reimburse the developer of The Village at Madison for the cost of installing and constructing infrastructure improvements necessary for completing the mixed used development.
The mayor and board also passed a resolution authorizing the engagement of professionals to assist with the issuance of the proposed tax increment financing bonds for the Village.
The Village is an 18-acre mixed-use development whose design was influenced by the Garden District in New Orleans. The development is set to be located off Main Street in Madison near the police department.
Approximately eight acres will be devoted to the residential development with 46 zero lot line homes.
Construction is slated to begin in September, with lots accessible for home construction in March 2020, which the developer Mark Castleberry, with Castle Properties, said would be in time for good construction weather.
The other 10 acres will be for commercial development, with restaurants, retail and office space.
Plans for the commercial development include nine buildings, one of which will be occupied by Half Shell Oyster House. The restaurant will be 6,500 square feet.
Half Shell Oyster House is slated for completion in the first quarter of 2020.
The area is meant to have a downtown feel and will be pedestrian-friendly and walkable.
The developers’ vision is an area that provides a perfect transition from the large stores on Crawford St. and into the historic downtown of Madison.
The all-brick development will have shops and restaurants all within walking distance of one another.
The public hearing will be held at 6 p.m. at the boardroom in the police department.