COLDWATER, MI (WTVB) – The Coldwater City Council passed a resolution Monday night that starts the process for the establishment of a Neighborhood Improvement Authority in the Thompson Blvd. Area.
City Manager Keith Baker said in his letter to the Council that the authority is a tool that communities may use in order to assist with economic development and redevelopment in targeted residential neighborhoods.
The authority may use its funds, which includes tax increment financing, to fund economic and physical developments within the N.I.A. zone. It can be used to provide improvements such as the construction of houses, streets, right-of-ways, parks, utility infrastructure and other potential projects.
There are 145 parcels in the district with an average taxable value of over $41,000. City Planner Dean Walrack said people who live in that district would not see their taxes go up.
An N.I.A. Board will be set up to make decisions regarding the use of accrued tax revenues.
A public hearing will be held September 23, 2019 which will officially set the boundaries of the district.
