City of Madison Board of Commissioners Agenda Packet 2026-06-15
TIF#8 Development Agreement Approved with Summit at Van Eps
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Description
The City of Madison approved a development agreement with The Summit at Van Eps, LLC and Summit at Van Eps Apartments Limited Partnership. The agreement provides up to $619,038 in TIF-funded grants for public infrastructure supporting affordable housing, with project completion expected by December 31, 2028.
Contract Details
Contract Amount
Not to exceed $619,038 (Grant via TIF)
Vendor
THE SUMMIT AT VAN EPS LLC
Agency
Town of Madison, SD
Contract Type
OTHER
Document Date
June 15, 2026
Contract Term
Until $619,038 paid or 20 years from TID creation, or termination; improvements to be completed by December 31, 2028
Renewal Date
2046-04-20
Renewal Info
Term ends upon full payment of $619,038, agreement termination, or 20 years from TID creation; improvements required by December 31, 2028.
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