Partnership: Downtown Development and Brownfield Continued Growth & Prosperity in Traverse City’s Downtown Area.
Continuous Improvement Plan of Action designated to achieve a particular goal
TAX INCREMENT FINANCING EXAMPLE OF TERMS: SITE SPECIFIC TAXABLE VALUE $ 700,00 Captured Value Initial Taxable Value $850,000 Captured Value
TAX INCREMENT FINANCING EXAMPLE OF TERMS: Site Specific TAXABLE VALUE $ 700,00 Captured Value Initial Taxable Value $850,000 Captured Value Other Jurisdictions
Partnership: Brownfield / DDA Brownfield Capture of Incremental Increase of State and ISD Taxes DDA Capturing the Incremental Increase of Local Operating Joint Recreation Authority
TAX INCREMENT FINANCING EXAMPLE OF TERMS: SITE SPECIFIC TAXABLE VALUE Initial Taxable Value DDADDA DDADDA DDADDA DDADDA BRABRA BRABRA BRABRA BRABRA
What we currently practice Radio Centre I (Private) for Hardy Deck (Public)
Current Partnership Process DDABRA Capture of Local TIF to put back in to public amenities related to Project BRA Capture State and ISD Taxes to reimburse Developer
Partnership with GTC BRA Partnering with the GTC BRA on Site Specific plans will help the DDA leverage State Funds to help with Public Projects; with a goal of allowing additional projects not in C.I.P to be funded. Partnering with GTC BRA on the new TIF capture plan will only be SITE SPECIFIC, not the entire TIF 97 nor TIF2
Phased DDA Masterplan Capital Improvements Plan Block Alley Improvements 2. Civic Square 3. East Front Street Crosswalk 4. East Front Streetscapes 5. Farmers Market 6. Garland Street 7. Grandview Pkwy Crossing 8. Boardman River Enhancements 9. North Cass Bridge Repair 10. Park Street Bridge Repair 11. Pine Street Pedestrian Way 12. Public Restrooms LOT O 13. South Cass Bridge Repair 14. South Union Bridge Repair 15. Uptown/West Front Riverwalk 16. Wellington Plaza 17. West Front St. Bridge Repair 18. West Front St. Redevelopment DDA TIF Plan: Utility undergrounding Public Parking Decks
Proposed New Process DDABRA Local TIF -> Public Amenities related to Developments BRA State & ISD Capture -> Reimburse Developer PROPOSED NEW PROCESS DDA & BRA Work with BRA and Developer on public projects to “incorporate” within Brownfield Plan Capture TIF (Local and State & ISD) Local, State & ISD TIF Public Amenities & Reimburse Private Developer Work with BRA/Developer to add public projects to BRA Plan
Partnership Profile Current – Infrastructure - Reimburse Developer – No Leverage of Funds Future Partnership leverage to build infrastructure, reimburse developer and receive state funds for infrastructure Goal : Additional funds left over per project to build non-CIP projects
NEXT STEPS TO ACHIEVE THE NEW PLAN Amend TIF 97 Plan to include reimbursement for brownfield-eligible expenses Individual Agreements would be put in place between BRA, DDA and private developer
BUILDING A VIBRANT COMMUNITY