This page is designed to provide information about the Old Village Corridor Improvement Authority (CIA) District and how it aims to foster economic growth and enhance our community.
What is a Corridor Improvement Authority (CIA)?
A Corridor Improvement Authority (CIA), or CIA for short, is a tool that allows a commercial corridor area to retain a portion of the inflationary increases on eligible existing taxes generated from new development and growth.
Here's how a Corridor Improvement Authority (CIA) works: when a new business opens or a property is redeveloped, its value increases, leading to higher property taxes. Instead of all those new tax dollars going to the general city fund, a Tax Increment Financing (TIF) mechanism, employed by a Corridor Improvement Authority (CIA), allows a portion of them to stay within that specific area to fund improvements and projects. This is all permitted by Michigan Public Act 57 of 2018.
The Proposed Old Village TIF District
The City Commission is considering the creation of a TIF District in the Old Village area to promote economic growth and reinvest in the area. The Old Village TIF District boundaries are commercially and residential focused.
You can find a detailed draft boundary map, parcel numbers, and other historical documents on the left side of this page.