Traverse City News and Events

TIF 2 Stays, Tax Baseline To Be "Reset"

June 2, 2015

Traverse City commissioners have voiced support for keeping the city's tax increment financing (TIF) 2 district in place and to "reset the base," a move which re-calculates the baseline at today's property values and captures the new tax increase going forward.

The district, which covers Old Town, Rivers Edge, Midtown and Riverine Apartments, is set to expire in 2016. Creation of the district in 1985 froze taxable values of all parcels in its boundaries at 1985 rates as a "base" for the 30-year lifespan of the plan. As property values have increased over time, taxes on the difference between those base rates and the actual property values have been captured by the Downtown Development Authority (DDA) to pay for public improvements to the area, spurring more private investment. It has been celebrated by many community leaders, including the Traverse City Area Chamber of Commerce, as an economic development success story.

The discussion at City Commission's regular meeting last night did not require a formal vote but is the first step in creating a new plan for the TIF 2 district going forward.

Comment

Parks, Streets on City Agenda

Read More >>

Animals Take the Spotlight in Northern Express

Read More >>

Barney Road Construction, Closure Starts Monday

Read More >>

NMC Partners With Grand Valley, Notre Dame For Groundbreaking New Marine Technology Program

Read More >>

Beating The Curve: A Look at Traverse City’s Grade-A Summer 2025 Tourism Season

Read More >>

Two Killed in Mayfield Township Crash

Read More >>

TCAPS Updates: Sabin Expansion, Strategic Plan, Lunch Funding

Read More >>

$250,000 On the Line at Upcoming Pitch Competitions

Read More >>

Cherry Capital Airport Nominated For USA Today 10Best Award

Read More >>

County Eyes Next Steps for New Jail/Justice Facility

Read More >>

East Bay Trustees Review TIF District, Approve Housing Tax Exemption

Read More >>

Food Trucks, Preschool, US-31 Development on Garfield Agenda

Read More >>

Traverse City West Alum Hired To Coach Girls Varsity Basketball

Read More >>

Modern Bird Named One of America's Best Restaurants

Read More >>