TIF Plan Update

TIF PLAN TITLE

How Downtown Traverse City's Tax Increment Financing (TIF) program helps fund the infrastructure, maintencnce, public spaces, and services that support the entire Community.

Why Now?

TIF 97 is set to expire in 2027, creating uncertainty for future city operations and capital investments. Through the Moving Downtown Forward planning process, the DDA and community established a shared vision for downtown's future. Extending TIF is critical to funding long-term infrastructure projects, maintaining key services, and advancing community priorities.

City Population: ~16,000
Daily Users: 30,000 - 50,000+
Millions of Visitors Annually
Regional Economic Center

THE PLAN

In August 2024, the Traverse City Downtown Development Authority (DDA) approved the Moving Downtown Forward (MDF) TIF Plan, an extension of the existing TIF-97 Plan. The plan was shaped through two years of public engagement that generated more than 1,300 pieces of community feedback from residents, business owners, property owners, and community partners.

Following DDA approval, the plan's implementation was paused when the City Commission chose not to advance it through the remaining approval process ahead of a November 2024 ballot initiative. Voters subsequently approved measures requiring voter approval for the creation, amendment, or extension of any TIF plan.

As conversations about downtown investment continue alongside the City's Strategic Action Plan, the DDA is preparing to re-engage the community before any future MDF TIF Plan is presented to voters. This effort will focus on revisiting the community's vision for downtown, clarifying how TIF funds could be used, and exploring how downtown investments support broader citywide priorities.