4/3/14 - Citizens and officials from the Howell Downtown Development Authority are in the process of updating a plan that outlines future projects before changes at the state level can impact the organization's funding. The DDA met with its Development Area Citizens' Council last night to discuss proposed updates to the Tax Increment Financing, or TIF, Plan. It is a financial document outlining all of the DDA's project spending for the next 20 years, laying out revenue projections, and making sure the planned projects are on firm financial footing. Last night's meeting was required by Michigan law before the DDA Board could recommend approval of the TIF plan to the City Council. The last time the TIF Plan was updated was in 2008. Community Development Director Erin Perdu tells WHMI the DDA was not required to update the TIF Plan at this time, but had incentive to do so since legislation currently under consideration could negatively impact the DDAâs funding. Predu says the new legislation would allow other taxing entities, like the school district, library, and county government, to opt out of the tax capture that provides funding to the DDA. If passed, that change would take effect the next time a DDA updates its TIF plan, so by updating now Howell will put that possibility off as long as possible. Perdu adds that the TIF Plan is also in need of updating even without the possible legislation, since the tax base and financial projections have changed drastically since 2008. (TD)
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