WKOW 27: Madison, WI Breaking News, Weather and SportsUPDATE: Madison city leaders pass budget
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MADISON (WKOW) -- Taxes for Madison homeowners are going up more than expected next year.
The city council passed the 2010 operating and capital budgets early Thursday morning, which included the tax increase.
Mayor Dave Cieslewicz had proposed an increase of 3.85%, but the budget passed by the council increases taxes by 4.1%. In a statement, the mayor says the city council spent too much money, but the increase is slightly less than the 15 year average.
Part of the capital budget included 16 million dollars in tax breaks for the Edgewater Hotel re-development.
Cieslewicz says the project could add hundreds of jobs and about a million dollars in tax revenue each year.
The money won't be doled out until plans for the hotel go through several approval processes.
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MADISON (WKOW) -- Madison City leaders have agreed to set aside tiff money for a multi-million dollar hotel downtown.
The vote was 17 yes, 3 no.
The capital budget now invests $16 million in tax breaks for the Edgewater hotel project over two years.
Mayor Dave Cieslewicz says the project has the potential to add hundreds of jobs and about a million dollars in tax revenue a year.
But the tiff money is only awarded after conditions like full details on the Edgewater Hotel plans are met.
"There are still neighborhood issues that need to be resolved and this is not going to be a blank check give away to anybody but its part of a lengthy process," says Alder Michael Schumacher.
Those concerns include the size of the hotel, how it fits into the historic neighborhood, increased traffic and limited parking.
Cieslewicz says the Edgewater project still has to go through several approval processes before funding is given out.
Once the $80 million capital budget is passed, city leaders will take on the $239 million operating budget.
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