The City of Boyne City will hold a public hearing at 6 p.m. Tuesday May 21 to discuss the possibility of using a new financial incentive tool to assist the developers of the Lake Street Lofts project.
PA 210 is the law created by the State of Michigan creating a financial tool that can be considered for redevelopment projects, freezing the taxes on the properties involved at their pre-improved levels for a period of up to 10 years.
After that time the tax levels increase to reflect the higher improved value of the property involved. It provides a financial incentive/tool to redevelop properties while not reducing existing tax revenues.
While Boyne City has used similar tools to help developments downtown and in the Business Park this is the first time we have used this tool, which is why the city is holding this informational session.
Here is a link to background information provided by the Michigan Economic Development Corporation.