Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment topic
No spam. Unsubscribe anytime.
Board reviews $2M MEDC-affiliated grant and drafts tax-increment reimbursement model for opera house project
Summary
Staff said a revitalization/placemaking grant tied to the opera house project is roughly $2,000,000. The board reviewed a draft tax-increment reimbursement agreement proposing criteria (historic preservation, $1,000,000 project threshold) and a possible 20-year capture term; city assessor/finance numbers are needed to finalize percentages.
Staff reported that a revitalization-in-place grant from the Michigan Economic Development Corporation (MEDC) tied to the opera house project is in the roughly $2,000,000 range and will be central to the financing model. The proposed tax-increment reimbursement agreement (TIR) was circulated as a draft; staff said they are waiting for base property values and anticipated capture estimates from the city assessor and finance director before filling the percent-capture and annual-schedule blanks.
Staff framed the draft as a potential model for future downtown projects and suggested project eligibility criteria such as an investment threshold (a $1,000,000 figure was discussed), historic-preservation elements and job creation milestones, and described a 20-year capture term as the typical agreement length. Board members asked for tiered options and cautioned that the $1,000,000 threshold and 20-year term should be examined against comparable projects. Staff will share city-provided numbers next week to allow detailed modeling.
