City of Traverse City Proposal 1: extend the Downtown Development Authority TIF plan

The question, as printed on the ballot

The City Charter of the City of Traverse City provides that the City or City Commission shall not adopt or approve any proposal to create a Tax Increment Financing (TIF) plan, or to modify, amend or extend an existing TIF plan until such proposal is approved by a majority of city electors at a regular or special election held for that purpose. The City of Traverse City has received a recommendation to amend and extend a TIF plan from Traverse City Downtown Development Authority, which TIF plan is on the City Clerk’s web page and on file at the City Clerk’s Office and available for public inspection. The proposed amended and extended TIF district will remain the same and is generally described as being bound by the following streets and landmarks: Lake Michigan Shoreline, East Front Street, Railroad Avenue, Boardman Avenue, Washington, Cass, the Boardman/Ottaway River, and Gillis Street, with a projected total capture of $ 139,959,327, which is an estimate only, to be used for the purposes allowed under Michigan’s Tax Increment Financing Act. Shall the Traverse City Downtown Development Authority Infrastructure First Development and Tax Increment Financing Plan, submitted by Traverse City Downtown Development Authority, be amended and extended to be in effect for a term of twenty (20) years beginning January 1, 2028, and ending December 31, 2047?