Business

Michigan State Legislature

       Michigan cities are getting behind legislation to create local stock exchanges allowing residents to invest in smaller businesses.

The former site of Ypsilanti's Elbow Room bar is being put back to use, with a Mexican restaurant moving into the South Washington Street building. 

City Planner Teressa Gillotti explains that the building has been empty since the bar closed in 2011, adding that having a strong entertainment district would play a critical role in redeveloping Ypsilanti.

The restaurant's expected to open next spring following renovations.

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.