In a recent Traverse City Business News column, Chamber Executive Director Laura Oblinger reflected on successful tenure of the TIF 2 district that allowed for the completion of the Old Town Parking Deck, the Midtown riverwalk, streetscape improvements to Union, Cass, Lake, and Eighth streets, and the recently installed downtown public WiFi system.
City Commissioners face three options this coming fall: 1.) Let the district expire, 2.) Extend the district’s lifespan at its current tax capture rates, or 3.) Extend the district after “resetting” the district’s tax capture base.
In recent weeks, the Chamber has urged commissioners to strongly consider the third option. This option would allow the taxing jurisdictions that took part in the district years ago to start receiving the annual tax collection due to them, while resetting the tax base to allow the TIF 2 district to begin capturing in future years for future development projects in the district.