Edgewater Lawsuit Thrown Out

[GTO Man]

Freddy lost, let construction begin.

Topic

[moparkid25]

This was one local news topic that I didn’t give a rat sass what they did.

[GTO Man]

The current hotel is getting old and is rundown. It needs to be redone and the new design is stunning.

[GTO Man]

When I look at the before and after if the Edgewater is updated I can’t understand why the project would be opposed.

EDGEWATER NOW
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
AFTER EXPANSION
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.

[GTO Man]

Freddy the Freeloader lost again. Maybe construction can start now.

[GTO Man]

Maybe construction will not be starting. It isn’t hard to see why most developers want nothing to do with Madison.

Backward thinking by a small time city in a declining state.

Laptop City Hall: City Council fails to approve Edgewater’s $16 million subsidy

Channel 3000 Story

[Author]

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