By Charlie Feldman
The public will have the chance to weigh in on the city of Troy’s proposed new Downtown Tax Increment Financing Redevelopment Plan and Project at a hearing scheduled on Monday, December 6.
The date was approved by City Council at its Monday, October 18 meeting. The public hearing will be held at 6:30 p.m., prior to the 7:30 p.m. regular city council meeting at City Hall, 116 East Market Street. The final vote on the TIF will be held during the meeting on December 20.
The proposed plan is required by the state to be made available for viewing 10 or 15 days before the hearing but it can be read ahead of time on the city’s website under Meetings and Agendas. Go into Board Docs, enter the public site, view the Monday, October 18 City Council meeting agenda, go down to the bottom and click on the first ordinance. The three documents there are the ordinance to set the hearing date, a synopsis of the Troy Downtown TIF District and a copy of the plan. A public hearing notice will also be published in the newspaper.
The current TIF District will expire in December. The new one would be much smaller – a “boutique district,” according to City Administrator Jay Keeven, “This is a more strategic TIF to target just the downtown development.
“The mayor’s vision for downtown,” he said, “ is to fill abandoned buildings and get the city back to what it was forty years ago. And to do that, we’re doing a very small boutique TIF to try to hopefully have funds to incentivize developers and to make improvements to our infrastructure and our streetscape.
“Our former TIF had about two hundred parcels in it. This one has about one hundred,” said Keith Moran of Moran Economic Development LLC, the firm hired by the city to create the plan and project. “Many of which really didn’t grow much since 1997 to date. So what that means, basically, is we’ve found the right area for our TIF District.”
Some of the projects that the city expects to do include making parking and sidewalk components compliant with the American Disability Act and improving the water and sewer system, he said.
“This is not going to be an absolute giant revenue generator for our community,” Moran said. “It’s going to be done where if someone improves a building it’s going to generate a TIF increment and what we’re likely to do is rebate some of that money back to that person to incentivize them to create that increment in the end. So we’ll use money they generate in the TIF to reimburse them for improvements they make in the TIF.”
A special fund from tax increases on Equalized Assessment Value will be the primary source of funds to pay for Redevelopment Project costs.
A new business district was approved at the council’s September 23 meeting and taxes for that are expected to go into effect on January 1.
Any interested person or affected taxing district may file written objections with the City Clerk and be heard orally in regard to the proposed approval of the proposed Redevelopment Plan and Redevelopment Projects, the establishment of the Redevelopment Project Area and adoption of tax increment allocation financing.
Tax increment financing is used by municipalities to address and eradicate problems which cause areas to qualify as “conservation” or “blighted” areas and to carry out redevelopment projects to help them do this.
The next City Council meeting is scheduled on Monday, November 1, at 7:30 p.m. at the Troy Municipal Building.