The Tax Incremental Finance Review Board voted 4-1 Wednesday in favor of a resolution that will enable funding for the Edgewater Hotel project.
""At the end of the day, this has not been an easy one, but I am going to support it. The city wants this,"" Dane County Treasurer Dave Worzala said. ""There are good things here. This terrace has the potential to be integral in our community and be a really nice piece.""
The consensus of agreement among the board was hinged on the substantial economic benefit to the city. Madison resident and supporter Amy Supple said this long-term investment will bring $70 million to $200 million of incremental tax value to the city.
Former alder and common council president Gary Poulson emphasized the importance in the creation of jobs through the project.
""I think there is an investment here and I think it will provide enough of a bump that it is worth supporting,"" Poulson said.
School Board Representative Lucy Mathiak, the motion's sole rejecter, said she could not support a project that interferes with the school tax dollars.
""At the end of the day we are responsible for education and the well-being of our school district, which is already suffering,"" Mathiak said.
Mathiak, in addition to a number of other opposing individuals, argued the expected occupancy rates are difficult to project because of the shrinking hotel business. Some said they fear that in the end, the expansion project is going to cost taxpayers instead of benefit them.
""I am trying to anticipate down the road not just what happens with this, but the impact of property taxes that will come in and the impact on the group that I represent,"" Mathiak said.
