FLINT TWP. — After public hearings at which few people spoke, despite a standing-room only crowd, the township board unanimously approved project development and financing plans for its new Downtown Development Authority (DDA) and a Corridor Improvement Authority (CIA) for Beecher Road and Bristol Road.
The township board is establishing all three 30-year authorities in May to address economic development and improvement in the township’s key commercial districts.
In a separate vote, the board also unanimously approved start-up loans for all three authorities.
Revenue captured through Tax Increment Financing (TIF) will take several years to accumulate.
As seed money, the board approved loans from its Sewer and Water Fund in the amount of $160,000 to the DDA, $115,000 to the Bristol Road CIA and $60,000 to the Beecher Road CIA
TIF captured funds for the DDA are projected at $53,194 in May 2019. The plan is to begin repaying 3 percent interest on the loans from 2019-2021 and to begin making principal and interest payments in May 2022 at which time the DDA budget is projected to reach about $325,000.
Budgeted project costs are estimated at $94,035 this year. $79.721 in 2019, $86,721 in 2020, $91,721in 2021 and $94,721 in 2022.
The board also approved DDA loans for $75,000 in 2019, $60,000 in 2020 and $30,000 in 2021. which would be used only if needed.
Approved budgets for the two CIAs are similarly structured but for smaller amounts. Both would pay interest only through 2021 and begin payments on the principal in 2022.
Full details of the plans, budgets, maps and other information about all three authorities are posted on the township’s website at www.flinttownship.org.
Supervisor Karyn Miller offered special thanks to Tracey Tucker, township economic enhancement director and Doug Piggott, senior planner for Rowe Professional Planners, who worked together formulating all three authorities. The two accomplished in six months work that usually takes a year, Miller said. The worked against a May deadline so that 2017 could be set as the base year for the TIF to begin.
“This is going to be good for the township,” Miller said. “We need to do something, not just sit and hope that businesses will come here. We need to be proactive.”
Miller and other board members also addressed concerns raised by some residents about language included in the development plans concerning seizing property. Tucker said the law requires that language to be included in the written plan but there is no intent to displace or relocate families are individuals.
Trustee Tom Klee stressed that authority plans address only property improvement, not removal.