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UNDERSTANDING YOUR DOWNTOWN DEVELOPMENT AUTHORITY
In August of 1988, the City Council of the City of Hazel Park
created a Downtown Development Authority under P.A. 197 of 1975,
as amended, and designated the boundaries of the Authority district
within which the Authority will exercise its powers.
Tax increment financing is a financing tool for the redevelopment
of a designated amended Development Area within the Downtown
Development Authority District.
Tax Increment financing is the process of expending new tax
dollars for improvements that benefit the source of the taxes.
Taxes generated from the new private property developments and
from improvement to existing private property within a designated
amended Development Area are captured and utilized
by the DDA to finance public improvements within the amended
Development Area. This process supports and encourages continued
private investment. For further information about the Downtown
Development Authority, please contact Angela
Schofield at (248)
546-4073.
DDA meetings are open to the public, and held on the first Tuesday
of every month at 7:30 p.m., in the Council Chamber of City
Hall.
Click here
to download the DDA Newsletter. (pdf)
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City
of Hazel Park, 111 E. Nine Mile Rd., Hazel Park, MI 48030 Disclaimer |
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