Last Monday, Madisonville was allocated $2.5 million in bond financing to make improvements to the neighborhood’s business district. The bond money will be paid back with funds from the Madisonville tax increment financing, or TIF, district.
A TIF is the difference between what property taxes would be after redevelopment and what the tax would be if no redevelopment occurred. A payment is made to the TIF fund in lieu of taxes and is used to finance other projects. Madisonville will pay back the bond over a period of 20 years.
In November, Madisonville revealed its
quality of life plan to the public, which focused on economic development, health and wellness, arts and culture, education and youth, built environment and community engagement. The plan will take about 10 years to fully implement, but Madisonville is taking immediate steps to revitalize its business district.
There are about two blocks of vacant property at the intersection of Madison and Whetsel, which is at the heart of the business district. With the bond money, Madisonville will be able to begin construction on those buildings and bringing in businesses to start building the citizens’ dreams of a walking neighborhood.
The $2.5 million is the first big investment in the physical transformation of Madisonville, says Vice Mayor Roxanne Qualls.
Madisonville is among four major growth opportunity areas in Cincinnati, including Walnut Hills, Westwood and College Hill. But these neighborhoods aren’t the only ones the City is investing in.
“These neighborhoods are target areas because of their participation in developing the new form-based code for the City,” says Qualls.
By Caitlin Koenig
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