The Economic Development Department was established in 2020 to facilitate job growth through the expansion of existing business and the recruitment of new firms to Madison and the region.
The Department of Economic Development manages the city’s tax abatement program, permitted under Indiana Code 6-1.1-12.1, with local policy established by City Council ordinance 1996-OR-084.
The Department of Economic Development shares staff with the Department of Redevelopment and often works hand in hand together to facilitate the success of specific projects.
The Department of Redevelopment is created by local ordinance, as permitted under Indiana Code 36-4-9, 36-7-14 and 36-7-14.5. Under state law, the department is controlled by five commissioners, three of whom are appointed by the mayor and two of whom are appointed by the City Council.
State law grants the Redevelopment Commission the authority to issue bonds, to raise funds to carry out programs and create a property tax levy to retire bonds. The debts incurred by the Redevelopment Commission are subject to City Council review and Indiana Code 36-1-15, which limits the debt a municipality may incur.
The Madison Department of Redevelopment manages the city’s Tax Increment Finance Districts and its Certified Technology Park finances. The Department of Redevelopment’s staff also manages the city’s Revolving Loan Fund on behalf of the Revolving Loan Committee, as a dedicated full-time staff is not required for that program. The Department of Redevelopment has also initiated several business development programs.
The Industrial Development Departments mission is to stimulate quality economic development, to raise the standard of living, and to promote quality of life in the City of Madison.