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HomeMy WebLinkAboutLansing Gateway (N. Grand River) and South MLK L LENSING Corridor Improvement Authority Lansing Gateway ( North Grand River) and South MLK Lansing Economic Development 1�1 LEAP UMCCorporation Corridor Improvement Authority - Overview . ❑Designed to assist economic development, redevelopment and stimulate revitalization in the established corridor. k Wert■■ - Corridor Improvement Authorities for North - Grand River and S. MLK will become a legal = =} entity whose sole purpose is to advocate for - and make improvements to the corridor over a long period of time. r It will potentially capture increase in t commercial property taxes to finance public s s � improvement projects. ❑Creating the Corridor Improvement �. a Authority will NOT increase your taxes or create a new tax. What is Tax Increment Financing 'JOnce established, this Act allows tax increment financing to be utilized to capture the Tax Increment yearly increase in commercial > New 1qx Base If the assessed values in the district taxes. ncredse over time, the CIA con capture Revenues flow to " fhow vaIu€:increoses to fund puhlk normal taring improve men ls YAlhtn the Dislriel. bodies Reinvest back into the corridor LRwanues Baw "=090 for public improvements continue to ttcw to norml taxing oodles. Leverage other taxes a n d funding sources to maximize yelroDegodm TIME result Steps to Esta is a CIA an Development & TIF P an now • Create an Exploratory Committee to determine the feasibility to establish a CIA Part • • : • Present the case to create a CIA and Development District to Lansing City Council the CIA • its • Hold public hearing Boundaries • Council's approval to establish the CIA and its boundaries • Appoint members to the board when Council approves to establish the CIA Part II: • Create Bylaws Od • Develop a Visioning Study for the Development District Development arr,,; • Create a Development and TIF Plan Tax Increment • Hold public hearing Financing 9 Approval of bylaws and the Plan by Lansing City Council Exploratory Engage community stakeholders Determine the feasibility of �o®goo T . creating a CIA . Work with government entities neighborhood and business associations to _r gain support � � a k Lansing Gateway (N. Grand River) S. MLK Project Descriptions — Main Street Model ,,. -e Design Economic Restructuring Organization Marketing/Promotions Public & alternate transport and Filling vacant buildings Health of overall collaborative Social center of the near parking improvements Fagade improvement program residential neighborhoods Streetscaping and placemaking Property infill development on Leader of the commercial corridor Strengthen corridor's image Public gathering spaces vacant parcels Connected, accessible and Strong and healthy business mix walkable corridor IF _ k Lansing Gateway CIA Boundary ...I _ .. ~ c i — - East on Waverly Rd (Franette Road) to Old Town (Old US 27) on East North Street with branches on North Martin - +nvvi'owSt .. '�"NAEIVWSt ._ - - - - 1�r Luther King Blvd and Turner Road. .k Jr Goals for the Lansing Gateway CIA ` -J Create a welcoming and inclusive -J gateway to Lansing Establish connectivity and accessibility with Capital Region International - Airport, Old Town and North Martin Luther King Jr. Blvd r 'Improve streetscape A TASTE MAT Revitalize empty buildings BRIGMR. y Traffic calming , - h 1� Develop programs to foster economic activity and business development AL - �� :�: 'r4i, ra plR�ka L�IIME DPWgq%LAM 4% .{NL M VPFG LAW dRRM ULM FdAK+4❑ N4..__ L JJLWpp Rd LJ r-.0 I J I South 1 ' + I I J. ViJuily Pn Boundary From the railroad tracks south of I Victor Avenue to 1-96 IN i� .: '4 �1 Goals for the South IVILK CIA ~ ` Improve connectivity to adjacent neighborhoods and Lansing downtown ❑Upgrade and beautify streetscape and - landscape :,y s 4 . Jt_ Revitalize vacant spaces T # � Enhance transit non motorized - �- transportation, and create safe pedestrian crossing , : w Develop programs and tools for t: workforce development and business attraction Y 4 `{ Next Steps Li Establish the CIA and its boundaries Appoint members to the Board Complete the Visioning Study for the Development District Create the Development and TIF Plan L Seek Lansing City Council 's approval � M Hannah Bryant Lansing Economic Area Partnership ( LEAP ) hannah@purelansing . com ( 517 ) 702 - 3387 x 207 LEAP LuxCorporation stronger together