Downtown living – in the form of a six-story, 136-unit building at Fifth and Madison – sounds like a good idea to aldermen, who are being asked to approve a “targeted tax increment finance district” and also forgive sales taxes on building materials.
While the council unanimously advanced the requests to next week’s agenda, the suggested rents concern Alderwoman Kristin DiCenso, who said, “You could rent full houses for what you are saying here. It’s just a little concerning. I am for it, but i want to raise that issue. I don’t see people paying $1100 (per month) for a 610-square-foot apartment.”
Noting the apartments are aimed at people making $40,000-$54,000 a year, Ald. Shawn Gregory said, “Everybody says ‘market rate housing,’ but i live in a different market, obviously.”
The developer said a market study supports the numbers. The council will vote on the incentives next Tuesday.