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Originally Posted by Sar
Yea you are right on on those points for sure. What ever happened to that 20 story building that was being proposed for downtown back in 2013? Pretty sure that it didn't gain enough funds for it.
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If we're thinking of the same thing, I think that proposal was pitched after he (Ryan Reedy) couldn't get the funding lined up. I have no idea what Reedy Group has been up to these days. They went whole hog on that "Entertainment District" development about a decade ago (which is really little more than 3 buildings and an outdoor stage), and ever since, it's been...nothing.
Somewhat related to the previous points, the City
is making an effort to increase the cash flow to support downtown improvements. Or at least experimenting with different ideas. At Monday night's monthly meeting, the Commission voted to approve the creation of a new Downtown Economic Growth Authority (DEGA) to replace the former DDA. This new authority will oversee the allocation of funds that will be captured from a new, larger TIF (Tax Increment Financing) overlay district. In short, the funds grabbed with the old TIF district have dwindled from millions to a few hundred thousand dollars since 2008. Under this new plan, more businesses will fall within the boundaries of the district, but business owners won't pay a cent more, meaning more local tax revenue will be allocated directly to downtown improvements.
I think it is a good move, and we'll see if it pays off.
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Kalamazoo passes taxing tool for downtown development
By Kayla Miller | MLive
October 15, 2018
KALAMAZOO, MI -- A new tool intended to collect taxes for development of Kalamazoo's downtown was approved Monday. The Kalamazoo Downtown Economic Growth Authority was approved as a replacement to the former tax collection mechanism, Monday, Oct. 15 by the Kalamazoo City Commission. Kalamazoo's Downtown Development Authority uses tax increment financing (TIF) to reinvest taxes into a specific part of the city. DEGA will replace this mechanism, which is no longer a sustainable source of revenue, according to the recommendation approved by commissioners...
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Also somewhat related, I noticed from other news sources covering this story that Downtown Kalamazoo Inc. seems to be in the process of quietly rebranding itself as Kalamazoo Downtown Partnership. At least, I think they are...it's the same people involved, but a new website. The old website seems to have dissapeared in the past few days...I don't really know why they had a name change, although it does sound more like a non-profit now. The new website has some additional info on the proposed (now adopted) DEGA. Scroll to the bottom of the webpage, if interested.
https://www.downtownkalamazoo.org/about-dki
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