The Partnership is engaged in a wide variety of projects to improve the neighborhoods. Here are some of the things we're involved in right now.
In 2013 we worked with the City of Madison to establish a tax incremental district in the Greenbush neighborhood (TID #43, Park-Drake). Tax incremental financing (TIF) allows the growth in tax revenue within the district to be used for reinvestment in the neighborhood. Funds can be used to improve streets, lighting, parks or other public amenities, or to make housing or commercial projects work. As these projects increase values in the area the increased revenue can be reinvested again in a virtuous cycle of improvement.
We are working with the city's Community Development Authority to implement a new program that would help prospective homeowners and developers acquire rental properties that had been converted in the past from single-family homes, refurbish them and return them to the marketplace at an affordable price. This program is called the Greenbush Housing Renovation Small Cap TIF Program.
In 2008 the city adopted the Regent Street/South Campus Plan. We are working to make the plan a reality. We've partnered with Vandewalle & Associates to do a visioning process for the corridor. In 2016 two dozen stakeholder meetings generated several exciting possible futures for the street. A neighborhood open house was held on October 25th and over 50 people attended to view the concepts, chat with consultants and share ideas with one another.