Dda p14
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The Northfield Township Downtown Development Authority has outlined a development and tax increment financing plan for 2003-2033, detailing several projects aimed at improving the area. Key initiatives include infrastructure upgrades, business attraction efforts, and community programming, with a total estimated budget of $52,130,000 funded through various methods including DDA, private sources, and special assessments. The plan includes specific completion dates and financial contributions for each project.
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Dda p14
- 1. Approved by DDA 3/5/03 Approved by Township Board 4/8/03 - 14 - Table 1 NORTHFIELD TOWNSHIP DOWNTOWN DEVELOPMENT AUTHORITY DEVELOPMENT AND TAX INCREMENT FINANCING PLAN 2003 – 2033 PROJECT NUMBER DECRIPTION COMPLETION DATE ESTIMATED BUDGET FINANCE METHOD 1 North Territorial/US – 23 Overpass 2006 $28,000,000 DDA/ Private 2 Develop Identity Plan 2003 - 2004 $5,000 DDA 3 Identity Program: Signage, Streetscape, Lighting Improvements, etc. 2002 - 2010 $500,000 DDA/MEDC/DTE Energy/Private 4 Parking Improvements 2005 - 2018 $1,000,000 DDA/MEDC 5 Utility Improvements 2005 - 2015 $15,000,000 DDA/Special Assessment/ MEDC 6 Street Improvements 2008 – 2033 $5,000,000 DDA/MDOT/ WC Rd. Comm./Special Assessment/MDOT 7 Business Attraction Effort 2003 - 2033 $350,000 + other partners DDA 8 Façade and Business Loan Program 2005 - 2015 $125,000 DDA/Private Sources 9 Develop Community Programming 2002 - 2033 $150,000 + other partners DDA/Chamber of Commerce/Community 10 DDA Administration 2003 – 2033 $2,000,000 DDA TOTAL COSTS $52,130,000