Union Township unanimously approves resolution to set a public hearing date for the updated East and West DDA District development-tax increment financing plans.
The decision occurred at the Board of Trustees’ meeting on Wednesday, Aug. 26 at the Township Hall.
At the meeting, prior to the decision for the hearing, the project consultants from CIB Planning, Inc. did a presentation on the on the proposed updates to the East and West DDA District development-tax increment financing plans and extensions of the DDA District terms. The consultants were Carmine Avantini and Elena Moeller-Younger.
The updates would include different changes that would affect financing for development and improvement plans for land spaces and businesses in the East and West DDA Districts.
According to the action request form from Township Manager Mark Stuhldreher, “For the past nine months, the project consultants at CIB Planning have been working with staff and the Economic Development Authority (EDA) Board to prepare updates to the development and tax increment financing plans for the East and the West DDA Districts. The current plans are set to expire on December 31, 2021. If updated Development and TIF plans are not adopted by the Board of Trustees before that date, the authority for capture of tax revenues by the DDA districts will end with the 2021 tax year.”
The proposed plan would extend the terms of the DDA Districts for an additional 20 years to provide the time needed to complete the scope of work outlined in the associated development plans for each District.
The EDA Board reviewed the drafted plans during their July and August meetings and took action on Aug. 17 to start the formal adoption process. The process includes holding a public hearing and then conducting a first and second reading by the Board of Trustees before adopting the plan.
“Adoption of updated development and tax increment financing plans for the East and West DDA Districts is necessary to allow these Districts to continue to capture property tax revenues after 2021,” the action request form said. “These updates and extensions of the duration of the tax increment financing plans are
necessary to support the completion of all projects and activities of the Economic Development Authority Board as identified in the adopted development plans for these districts.”
The public hearing is expected to take place on Oct. 13. The process for adopting the plan is expected to conclude in November 2021.
For more information, uniontownshipmi.com.