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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
ture
d Va
lue
$7
50,0
0 C
aptu
red V
alu
e
80
0,0
0 C
aptu
red V
alu
e
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