After over a year of debate, the Edgewater Hotel project will no longer receive the $16 million tax incremental funding aid from the city as planned due to Mayor Paul Soglin's Executive Capital Budget cuts.
According to the Cap Times, the proposal Soglin drafted will provide only $3.3 million TIF for the $98 million renovation project instead of the $16 million TIF Common Council originally voted to provide after a year of debate to aid the hotel renovation.
""Despite the economic difficulties the City of Madison faces, the 2012 Executive Capital Budget will move Madison forward,"" Mayor Paul Soglin said in a statement.
However, Soglin's proposal to slash funding for the Edgewater project proved to be controversial because TIF cuts for the project ""send a chilling message to the business community,"" according to a statement released by Greater Madison Chamber of Commerce President Jennifer Alexander.
""Renovation would create jobs, restore blighted property and create new public access to the lake,"" Alexander said in a statement. ""Failing to follow through on commitments made sends he wrong message to individuals and businesses looking to invest in Madison.""
Ald. Bridget Maniaci, District 2, said that for the Langdon Street community, this loss of funding should be troublesome, because the Edgewater Hotel is a significant infrastructure in the city and for the neighborhood.
Maniaci said she hopes Soglin will see the benefit this project brings and honor the work and consideration the council staff has given to this project in their ultimate decision of support.
""I believe the council as it has before will act in a diligent and collective manner to see this project through,"" Maniaci said.