Redevelopment Meeting Across E Wash . . .

Judy Olson asked me to share this with District 2 residents:

Neighborhood Meeting

Redevelopment of Badger Cab Site (S. Ingersoll/E. Wilson)

Meeting at Luke House, 310 S. Ingersoll St.

7:15 - 9:00 pm, Thursday, July 27, 2006

I invite you to attend a neighborhood meeting to discuss a proposal by Stonehouse Development to redevelop the site currently occupied by Badger Cab Company, who, in the next few weeks will be moving its operations to the far east side. Stonehouse envisions demolishing all the structures on the site and constructing three 4-story buildings containing a total of 75 rental housing units. The building will include underground parking for residents and surface parking for visitors. The exterior will be made of a mix of masonry, hardy plank, and stucco.

Stonehouse will apply to the Wisconsin Housing and Economic Development Authority (WHEDA) for low-income housing tax credits to underwrite the cost of the housing, most of which will be affordable according to WHEDA standards. The project will exceed the affordability standards of the City of Madison Inclusionary Zoning ordinance. Stonehouse is exploring an option for creating rent-to-own housing on this site.

Stonehouse believes that they can demonstrate a need for tax incremental finance (TIF) assistance from the City. To provide TIF assistance, the City would have to amend the boundary of TIF District #36 which does not currently include this block.

If you have questions or concerns, please contact me.

Ald. Judy Olson, District 6

Phone: 608-245-4557

e-mail: district6@cityofmadison