partnership: downtown development and brownfield continued growth & prosperity in traverse...

Partnership:Downtown Development

and BrownfieldContinued Growth & Prosperity in

Traverse City’s Downtown Area.

Continuous Improvement

Plan of Action designated to achieve a particular goal

2013 Base Year 2014 2015 2016 2017

$300,000

$1,000,000$1,050,000

$1,100,000 $1,150,000

TAX INCREMENT FINANCING EXAMPLE OF TERMS: SITE SPECIFIC TA

XABL

E VA

LUE

$700

,00

Capt

ured

Val

ue

Initial Taxable Value

$850

,000

Cap

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d Va

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$7

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80

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2013 Base Year 2014 2015 2016 2017

$300,000

$1,000,000$1,050,000

$1,100,000 $1,150,000

TAX INCREMENT FINANCING EXAMPLE OF TERMS: Site Specific TA

XABL

E VA

LUE

$700

,00

Capt

ured

Val

ue

Initial Taxable Value

$850

,000

Cap

ture

d Va

lue

$7

50,0

0 C

aptu

red V

alu

e

80

0,0

0 C

aptu

red V

alu

e

Other Jurisdictions

Other Jurisdictions

Other Jurisdictions

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

2013 Base Year 2014 2015 2016 2017

$300,000

$1,000,000$1,050,000

$1,100,000 $1,150,000

TAX INCREMENT FINANCING EXAMPLE OF TERMS: SITE SPECIFIC TA

XABL

E VA

LUE

Initial Taxable Value

DDA

DDA

DDA

DDA

BRA

BRA

BRA

BRA

What we currently practice

•Radio Centre I (Private) for Hardy Deck (Public)

Current Partnership Process DDA BRA

Capture of Local TIF to put back in to public amenities related to Project

BRA Capture State and ISD Taxes to reimburse Developer

Local TIFPublic Amenities State & ISD

TaxesReimburse 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

1. 200 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

13

4

56

7

89

1011

12

13

14

15

161718

DDA TIF Plan:Utility undergroundingPublic Parking Decks

Proposed New ProcessDDA BRA

Local TIF -> Public Amenities related to Developments

BRA State & ISD Capture -> Reimburse Developer

PROPOSED NEW PROCESSDDA & 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

Team: Downtown Brownfield

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