Last week, Madison Mayor Paul Soglin announced his executive budget which would slash roughly $12 million in tax incremental financing from the approved Edgewater Hotel development plan. We think this move is unwise.

Redevelopment of the Edgewater cannot wait. The developer, Hammes Co., has already been through hell and back to get the plans approved. If the city rips out the majority of the building’s financing, Hammes Co. will drop the development altogether and never return – they may even decide to abandon further development in Madison given the hassle.

No other development company will want to touch the Edgewater Hotel either, after seeing all of the time and energy Hammes Co. went through over the last two years. If the money is not allocated now, the Edgewater Hotel will remain in its outdated, dilapidated state for an indefinite period of time.

The Edgewater Hotel is also economically beneficial for the city. It will be a hotel, banquet area, public rendezvous, restaurant, wedding location and so much more. The possible revenue is enormous. In today’s economically tough situation, the city needs to focus on investing, and funding this project will do just that.

Finally, the plans are already approved and ready to begin. It would be a slap in the face to the alders and community members who put in countless hours and resources over the past two years passing the development plans through committee after committee after committee and finally through the City Council. It is in the city’s best interest to honor that work and finally allow development to begin on the Edgewater Hotel.

The other development plans found in Soglin’s budget are promising and equally worth keeping in the budget. These include money to redevelop the former Don Miller properties on East Washington Avenue, build a new Wingra Clinic on South Park Street, redevelop the Erdman properties on University Avenue and improve Central Park.

These projects are important because they are spread throughout Madison. While downtown and central Madison are important, it is equally important to ensure that the entire city benefits from the budget. Areas outside of downtown are often ignored and it should be noted that they too deserve a piece of the pie. These plans in particular are in areas in need of development, such as Badger Road and East Washington Avenue.

However, while development outside of the downtown area is important, it is equally important to invest in the future of Madison. We strongly encourage the mayor to return the $12 million in TIF funding to the Edgewater Hotel redevelopment and finally put this issue to rest.