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Cedar Springs DDA weighs three approaches to fund demolition of blighted buildings
Summary
The Downtown Development Authority discussed three financing options—an immediate demolition grant, a project-specific tax-increment financing (TIFF) payback model, and a revolving loan fund—and directed a subcommittee to seek consultant input and return with recommendations.
The Cedar Springs Downtown Development Authority on Monday discussed how to support demolition of blighted private buildings in the DDA district, with staff laying out three financing options and the board asking a subcommittee to research feasibility and timing.
DDA director Rebecca told the board the options are: a direct grant program for demolition costs; a project-specific TIFF plan that pays demolition costs back over time as captured tax increment grows; and a DDA revolving fund that would loan money for demolition with property owners repaying the DDA. "The project-specific TIFF is probably the safest of the three options," Rebecca said, because it spreads payback over time and limits upfront exposure for the DDA.
Board members asked about legal and development-agreement requirements and whether the DDA would have recourse if redevelopment did not follow demolition. Rebecca said any chosen approach would require specific eligibility criteria, development agreements and likely legal fees to protect the DDA’s interests.
Several trustees favored exploring the TIFF payback option and asked staff to consult consultant Carmen Aventini for examples and implementation guidance. The meeting record shows a subcommittee composed of Lorie Gates and David Ringler was confirmed to pursue additional analysis and report back; staff will coordinate scheduling and consultant availability.
The board also discussed a recent, time-sensitive demolition notice for 3739 North Main Street raised during public comment and emphasized the need to balance immediate opportunities against program design and fiscal constraints.
Next steps: the subcommittee will meet with staff and (if available) the consultant to develop program language and a recommended path; staff will then present those options at a future regular or special meeting.
