MENOMINEE DDA PUSHES AHEAD ON TIF PLAN, ARCHWAY FUNDRAISING CAMPAIGN

The Menominee Downtown Development Authority is preparing for another attempt to win city council approval for a proposed Tax Increment Financing plan, while also continuing efforts to raise money for a downtown gateway arch project.

DDA Chairman Zak Aubert says the proposed TIF would capture future increases in property tax revenue within a limited downtown district and reinvest those dollars into economic development projects. He says the plan is designed to help attract new businesses and encourage redevelopment.

Council members rejected the original proposal last week after raising concerns about the document’s language and the amount of time they had to review it. Aubert says revisions have already been made and the issue is expected to return to the council soon.

At the same time, the DDA continues fundraising efforts for its long-planned downtown archway project at the intersection of 10th Avenue and 10th Street.

The project was first identified in the city’s downtown master plan and is intended to draw attention to downtown businesses by encouraging motorists to turn east toward the business district.

Aubert says the DDA has already raised roughly $25,000 toward a crowdfunding campaign. If supporters can raise $50,000 by July 19th through the state’s Patronicity program, the Michigan Economic Development Corporation will provide a matching $50,000 grant.