Traverse City Development Authority proposes new plan for Old Town

blizzard-2015A new downtown improvement plan could chart the course for the future of Traverse City’s Old Town District.

The plan was proposed by the Downtown Development Authority at a Commissioners Meeting this week.

The plan proposes installing a new tax increment fund, or TIF, to help pay for downtown improvements.

A TIF fund captures tax increases from rising property values and uses those taxes to pay for improvements.

Rob Bachigalupi (BOTCH-ah-gah-LOO-pee) is with the Development Authority. He said even though the area is doing well, it’s important to have a plan.

“It’s really important to have a vision for growth. That gives clarity to the future of the area but it kinda give confidence to the private sector that the public sector, the city, has a clear plan.”

Bachigalupi said improvement projects range from better workforce housing to improving downtown transit.
A public hearing for the plan is scheduled for December 19th.