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Tue September 17, 2013
Ann Arbor Council Postpones DDA Financing Action
Ann Arbor City Council has now postponed action until their second meeting in October on proposed ordinance amendments to limit the amount of tax increment financing the Downtown Development Authority can collect.
WEMU's Andrew Cluley has more.
It will be at least another month, probably two before Ann Arbor City Council considers ordinance amendments to limit the amount of tax increment financing the Downtown Development can collect. The delay comes as council is looking at a new formula that would capture growth at a set percentage, likely somewhere between three and ten percent.
DDA executive director Susan Pollay says during this month long delay they will be running figures to see what the impact on projects would be based on the different possible funding caps.
Pollay adds that they will just be estimates because there is no way to know if enough developments will take place in any given year to ensure the DDA can capture the full amount of revenue. The amendments would also impose term limits on DDA board members and exchange the city administrator for the mayor on the board.
The ordinance amendments would also place term limits on DDA board members. Council postponed action on the issue until October 21st.