From the mayor’s blog:
It’s a pretty straightforward vote. If the City Council votes this week to take tax incremental financing support for the Edgewater Hotel out of the budget, it’s pretty much over. Almost 1,000 jobs, over $1 million in new taxes, much better public access to Lake Mendota. All gone.
The mayor further emphasizes that even those who have doubts about the project need not vote to kill it right now.
Approvals will still be needed for zoning, design, landmarks and more. Even the exact TIF agreement will need to come back to the Council. Nothing’s guaranteed.
However, there are also alders who are against TIF funding for private businesses period, such as Jed Sanborn. There are others who believe TIF funding is OK, but believe the city has over-extended its use of it.