A Corridor Improvement District could provide the means for four Grand Rapids business districts to raise big money for beautification and infrastructure revitalization. Supporters say business leaders have done their due diligence for the region to qualify.
According to excerpts from the story:
It may have very well been a mini-stimulus package for the U.S. Postal Service. Four business associations, their members and nearby neighborhood groups have flooded City Hall with letters encouraging city commissioners to establish a Corridor Improvement Authority for the Uptown District.
And commissioners are likely to get more than an earful of the sentiments contained in those letters when they host a public hearing Feb. 17 to determine if Uptown meets the criteria to be awarded a Corridor Improvement Authority. If it does, then the business associations can apply for the city’s first Corridor Improvement District through the Uptown CIA.
“We understand that a CID will utilize a tax-increment financing mechanism which will capture a portion of the taxes on commercial properties as those values increase. These funds can then be used to effect various improvements in the district, such as beautification, marketing and infrastructure improvements,” wrote Jaye Van Lenten, president of the Eastown Business Association board of directors, of the benefits a CID would bring to the district.
Read the complete story here.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.