Discuss Detroit: A proposed bill may allow TIF monies to fund transit system.

Discuss Detroit ť Archives - July 2008 ť A proposed bill may allow TIF monies to fund transit system.

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Sg9018
Member
Username: Sg9018

Post Number: 204
Registered: 10-2006

Posted on Friday, June 27, 2008 - 11:31 am:

A proposed bill may allow tax increment financing law to include transit projects. Under the bill districts will be created. Those districts could use increases in property taxes and tax bonds to pay for transit systems.
More in this article,
http://www.bondbuyer.com/artic le.html?id=20080625TWLL2DIE

Jb3
Member
Username: Jb3

Post Number: 402
Registered: 06-2007

Posted on Saturday, June 28, 2008 - 6:46 pm:

Dear Lord! About frickin Time! Do you have any idea how profitable Woodward Corridor businesses would become if they had a trolley system outside their front door? Better late than never, but Jesus!

Just watch though, given MI Legislative history, this thing will get exnayed due to some private interest group having their fangs in our reps.

Jb3
Member
Username: Jb3

Post Number: 404
Registered: 06-2007

Posted on Saturday, June 28, 2008 - 7:08 pm:

They better set some clear and concise deadlines though if this thing gets passed. Otherwise their heading for a shit storm. If they don't have a pretty damn good idea on how much the TIF can generate and plug it into the cost of the light rail financing already in place for a clear picture of when they should implement the TIF, this will get ugly quick.

Danny
Member
Username: Danny

Post Number: 7439
Registered: 02-2004

Posted on Saturday, June 28, 2008 - 7:15 pm:

Trainman,

Trainman, Where are you? I wonder this TIF proposal is legal.

Dougw
Member
Username: Dougw

Post Number: 2117
Registered: 11-2003

Posted on Saturday, June 28, 2008 - 11:27 pm:

This seems like a great approach to financing. Certainly would be more popular than a new sales tax or other more general tax, I'd imagine.

Here's another article about this from Crain's:

http://crainsdetroit.com/artic le/20080623/SUB/806230336

quote:
Mass transit funds proposed
Bill expands use of state's tax increment financing law
By Amy Lane

LANSING â A bill starting to move through the Capitol could provide a piece of the puzzle needed to push forward new mass transit in Southeast Michigan and other parts of the state.

The measure, sponsored by longtime transit advocate Rep. Marie Donigan, D-Royal Oak, would allow Michigan's tax increment financing law to be used to establish âtransit revitalization investment zones.â

The zones would be designated areas stretching along transit routes in which future increases in property taxes could be used to finance transit operations and redevelopment.

In Detroit, for example, the property-tax revenue could be used to repay bonds issued to help finance a light-rail line along Woodward Avenue, provide operating funds, or support the capital investment needed for stations or other infrastructure.

In Grand Rapids, the tax revenue captured in the zones could assist a federally approved bus rapid-transit project along the Division Avenue corridor.

David Worthams, legislative associate with the Michigan Municipal League, which brought the idea to Donigan, said the league hopes the bill will be used âas part of a comprehensive approach to not only revitalize transit but also to revitalize our urban cores and to really show that transit-oriented development can work in Michigan.â

Transit-oriented development refers to placing residential and commercial development near a transportation hub, integrating it into a community. Transit advocates say investing in public transportation creates a chain reaction that leads to increased business activity, job creation, improved transportation access and higher property values.

A 2007 report by the Washington-based American Public Transportation Association, cites, for example, Portland, Ore.'s light-rail system as a catalyst for more than $6 billion in development that has occurred since 1980 within walking distance of that city's light-rail stations.

The report also cites a University of North Texas study which found that commercial properties located near Dallas rapid-transit system stations increased in value 24.7 percent between 1997 and 2001, more than double the 11.5 percent increase in value of properties not served by rail.

...

Novine
Member
Username: Novine

Post Number: 579
Registered: 07-2007

Posted on Tuesday, July 01, 2008 - 12:15 am:

"I wonder this TIF proposal is legal."

Why wouldn't it be?

Charlottepaul
Member
Username: Charlottepaul

Post Number: 2589
Registered: 10-2006

Posted on Tuesday, July 01, 2008 - 8:40 pm:

"A bill starting to move through the Capitol..."

If it becomes law, then it is enforceable. Cheers!

Trainman
Member
Username: Trainman

Post Number: 715
Registered: 04-2006

Posted on Wednesday, July 02, 2008 - 12:22 am:

Maybe Livonia can get bus service back?

I tried to get the Wal-Mart at Plymouth and Middlebelt Roads to support the SMART millage in public. The vote was so close that if they did and agreed to help build a bus shelter that we still would have the SMART buses.

The Wal-Mart parking lot is full of cars now because of saving a few pennies which is not smart but stupid, in my opinion.

I'm willing to pay a property tax to get the 285 back, but I still think we need mass transit leaders in Lansing. Our two state leaders in Livonia should be voted out and replaced with people who will fight to stop the cuts in federal and state transit cuts, in my opinion.

I want to get people to debate in public. So please get my webpage known, to get the message on television then the public will know who to vote for and just as important, who not to vote for.