DDA says work continues through 2027 while Mayor Amy Shamroe warns of long-term budget pressure
re First plan, would have extended TIF 97 through 2047.
Since 1997, the plan has captured a share of downtown property tax growth to pay for public projects and services, including street cleaning, trash collection, lighting and a downtown police officer.
The extension would have focused on streets, sidewalks, utilities and stormwater, and would have returned 30% of captured revenue each year to Grand Traverse County and other taxing jurisdictions. TIF 97 expires Dec. 31, 2027.
A 2024 city charter amendment requires voter approval to create, amend or extend any TIF plan in Traverse City, the first requirement of its kind in Michigan…