When I look at the before and after if the Edgewater is updated I can’t understand why the project would be opposed.
Number of rooms: 107
Assessed value: $4.9 million
2010 property taxes: $109,146
Number of employees (seasonal): 50 (85)
TIF loans and payback date: None
Number of rooms (condominiums): 190 (up to 10)
Assessed value: $37.2 to $40.9 million*
Estimated tax increase over 2010: $750,000**
Number of employees: 230 to 240
TIF loans and payback date: $16 M by 2021
Source: City of Madison
* Range is based on final room configuration. Developer places assessed value at $48 million, which includes underground parking and finished condos.
** Developer estimates additional $260,000 in annual tax increment from parking and condos.
I guess only a bitter old man would oppose it, and I am not talking about Soglin.