City of Madison Board of Commissioners Agenda Packet 2026-06-15
City Enters Development Agreement with Summit at Van Eps Apartments
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Description
City of Madison entered a development agreement with Summit at Van Eps Apartments Limited Partnership and The Summit at Van Eps, LLC for a TIF-funded infrastructure grant of up to $619,038 supporting an affordable housing project.
Contract Details
Contract Amount
Not to exceed $619,038 (Grant via TIF)
Vendor
THE SUMMIT AT VAN EPS APARTMENTS LIMITED PARTNERSHIP
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
Agreement ends upon full grant payment, agreement termination, or after 20 years from TID creation date; infrastructure completion required by December 31, 2028.
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