TAKING ACTION

The Michigan legislature in 2005 enacted Public Act 280 titled the Corridor Improvement Authority Act.
This legislation allows townships to form an authority to: “correct and prevent deterioration in business districts; to encourage historic preservation; to authorize the acquisition and disposal of interests in real and personal property; to authorize the creation and implementation of development plans in the districts; to promote the  economic growth of the districts; ........ to authorize the issuance of bonds and other evidences of indebtedness; to authorize the use of tax increment financing ....”Since adoption of this act, many local units of government in Michigan including Keeler Township have sought the use of a Corridor Improvement  Authority (CIA) as a means to stimulate economic revitalization of the business district within their community. A CIA can establish a special district for which a plan is prepared identifying specific public and private improvements necessary to prevent, or correct deterioration in the business district and encourage new business investment. Funding for improvements identified in the plan may be provided by tax increment financing through taxes paid on the increased value created within the district by new private investment.