NV in the News
City Commission Approves Madison Square Corridor Improvement District- Southtown
Jul. 21st, 2009 - Neighborhood Ventures
On Tuesday July 21, 2009, City Commission unanimously passed a resolution establishing a corridor improvement district (CID) in Madison Square. A corridor improvement district is a tax increment financing tool used by local governments to revitalize commercial and mixed-used corridors located outside of downtown, as established under State Act 280 of 2005. A CID helps fund public infrastructure improvement projects such as streetscaping, parking improvements, lighting, marketing, and beautification.
Neighborhood stakeholders have been diligently working over the past year to gather resident input and draft a proposal that would allow the use of tax increment financing to fuel future improvements in the Madison Square commercial corridor. Neighborhood Ventures, a local economic development organization specializing in commercial corridor revitalization, has facilitated the process. Moving forward, the mayor will appoint a 7-9 person CID Authority Board who will direct future improvements in this area.
Madison Square is a neighborhood on the brink of turn-around. After years of disinvestment, residents have pulled together to work towards creating a thriving community. Other exciting projects are happening in the Madison Square neighborhood: the streetscape will be completely renovated by 2010, a community placemaker project is planned, and many commercial buildings are getting a “facelift” or complete renovation.
For more information on the Madison Square Corridor Improvement District or other investments in Madison Square, please contact Rebekka Kwast at (616) 301-3929 or kwastr@neighborhoodventures.org
