Boyne City has scheduled a public information meeting to share information regarding it’s consideration of the establishment of a PA 210 district for properties located at the southeast corner of the North Lake and State Street intersection.
The Public Information Meeting will be held on Tuesday May 21 at 6 p.m. in the City Commission Chambers on the 2nd floor of the Boyne City Facilities building located at 319 North Lake Street in Boyne City.
Public Act 210 of 2005, also known as the Commercial Rehabilitation Act, is a law created by the State of Michigan that creates a financial tool that can be considered for re-development projects that freezes the taxes on the properties involved at their pre-improved levels for a period of up to ten 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 in its downtown and Business Park this is the first time the use of PA 210 has been considered.
The request is associated with the proposed Lofts on Lake Street mixed used redevelopment.
Representatives from Boyne City and the City’s consultant on the matter Otwell Mawby will be present to review the act, the adoption process, how it works and answer questions members of the public may have.
The Boyne City City Commission is scheduled to hold a public hearing to further consider the establishment of the PA 210 District at another public meeting to be held on Tuesday May 28 7 p.m.
Below is a PDF with information provided by the Michigan Economic Development Corporation regarding PA 210:
Persons with questions or comments on this matter are encouraged to attend both of these meetings or contact City Manager Michael Cain at 231.582.0377 or email@example.com