DOWNTOWN
DEVELOPMENT
Downtown
Mt. Pleasant, also known as the Central Business District (CBD),
functions as both a Principle Shopping District (PSD) and Tax
Increment Financing Authority (TIFA) District.
PRINCIPLE SHOPPING DISTRICT (PSD)
The goals
of the PSD are to “initiate projects and programs to halt
property value deterioration and increase property tax valuation
in designated districts, to eliminate the causes of
deterioration, to promote economic growth and encourage
expansion of commercial and industrial enterprises in the
designated districts.”
Public Act 120 (1961)
Goals
of the PSD
n
Providing
marketing and promotions - businesses have many opportunities to
participate in low cost, effective advertising campaigns and
special events aimed at bringing customers or clients to their
doors.
n
Creating a healthy
business environment - including recruitment and retention
strategies, public use permits and maintaining a clean and
attractive streetscape.
n
Acting as an
advocate - by representing business interests in dealings with
City departments, City Commission and other policy-makers.
n
Providing a
unified voice - the Principal Shopping District ties together
diverse businesses, residents and elected officials to foster
mutual support, cooperative efforts and a sense of shared
accomplishments.
n
Leadership on
revitalization – the Downtown Development staff and Board work
ensure a vital, attractive downtown environment.
PSD governing body
The Downtown Development Board (DDB) consisting of property and
business owners and allied partners manages the Principle
Shopping District as based on Public Act 120 (1961)
requirements.
PA 120 (1961)
The DDB
monthly meetings are held on the third Friday of each month at
8:00 a.m. at City Hall (320 W. Broadway) and are open to the public.
Tax
Increment Financing Authority (TIFA)
In addition to financial
contributions from the City’s General Fund, downtown Mt.
Pleasant improvements are funded by both Special Assessments and
what is commonly referred to as a TIFA District. The tax
increment financing authority (TIFA) approach is based on the
concept of "captured assessed value", which refers to the
increase in assessed valuation of the project area in any given
year over the value at adoption of the TIFA development plan.
The TIFA
Board monthly meetings are held on the second Wednesday of each
month at 8:00 a.m. in Conference Room A, at City Hall
(320 W. Broadway) and are open to the public.
Downtown
Development and TIFA Links:
