Expanded downtown district could translate into more improvements in GR
A proposal to expand Grand Rapids’ Downtown Development Authority boundaries could mean an additional $191,274 in tax kickbacks split between each of the four municipal entities involved.
A proposal to expand Grand Rapids’ Downtown Development Authority boundaries could mean an additional $191,274 in tax kickbacks split between each of the four municipal entities involved. If the expansion is approved, the kickbacks could continue until 2034.
According to excerpts from the story:
An expanded district for the Downtown Development Authority will funnel more money into street and other public improvements the city could not afford otherwise.
But that’s only if the city of Grand Rapids, Kent County, Grand Rapids Community College and the Interurban Transit Partnership decide not to opt out of the new borders.
Should they choose not to participate, they would keep their portion of any new taxes generated in the expanded district, an estimated $68,947 in 2009.
If they don’t opt out, they would split an estimated $191,274 from a tax kickback being offered as an incentive by the DDA.
Read the complete story here.
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