Article revised from original with permission from KJAM Radio.
Lake County Commissioners have approved a plan for the creation of a tax increment financing district (or TID) to be created in Madison for a development within the city. The development, being done by Phase 3 Development, LLC, is scheduled to include two 14-unit multi-family townhome type apartment buildings. The townhomes will include one, two and three bedroom units.
Other potential development could include a commercial strip mall and a fast food restaurant on the property located between 8th and 10th Streets Southwest and South Union Avenue. The developers will break ground on the townhomes this summer with the remainder of development to be completed in 2018.
The TID for the development will be for a total of 875-thousand dollars. The entire project costs are listed as close to five-million dollars.