Grand Rapids
Michigan

City Comm Agenda
87735

Resolution approving the Monroe North Tax Increment Financing Authority FY2019 budget request.

Information

Department:Downtown Grand Rapids IncSponsors:
Category:ResolutionFunctions:City Commission, Committee of the Whole

Attachments

  1. Item Description
  2. COW05222018MNTIFAFY2019Request

Content A

Each year, the Monroe North Tax Increment Finance Authority (MNTIFA) recommends and adopts a one-year budget and 5-year priority plan to reflect the priorities for investment in the Monroe North neighborhood.  With GR Forward now an approved amendment to the City’s Master Plan, DGRI has clearly defined objectives and continues to work diligently to ensure its budgets reflect the plan’s recommendations.

 

The FY2019 MNTIFA budget and priority plan consists of both new projects from GR Forward and carry forward priorities that span multiple fiscal years. New projects include planning for the management of future River Corridor Improvements, support for the initiation of bike share, and contributions to the reconstruction of Newberry Street to ensure it has accommodations for all users. Carry forward projects include funding for the Grand River restoration, contributions to enhancements for DASH North infrastructure, and installation of exercise equipment in Canal Street Park. When examined by GR Forward goal the breakdown for FY19 is as follows:

·         Goal 1 (Restore the River as the Draw): $160,000

·         Goal 2 (Create a True Downtown Neighborhood Home to a Diverse Population): $60,000

·         Goal 3 (21st Century Mobility Strategy): $385,000

·         Goal 5 (Reinvest in Public Space, Culture and Inclusive Programming): $30,000

 

As in previous years, the Downtown Grand Rapids Inc. Alliances played an important role in developing the budget. Beginning in February 2018, staff began soliciting input from the five goal Alliances charged with advising on projects and priorities.  This 3-month, iterative process culminated in all five Alliances tendering recommendations to the three fiduciary Boards of DGRI (DDA, DID, and MNTIFA) regarding their ambitions for the coming fiscal year. 

 

The MNTIFA Board unanimously approved and recommended to City Commission the attached FY2019 Budget at its meeting on May 9, 2018. If City Commission approves this FY2019 MNTIFA budget request, the MNTIFA Board will consider budget adoption at its next scheduled meeting.

 

 

Attachment

Content C

RESOLVED that the City Commission approves the attached FY2019 Monroe North Tax Increment Financing Authority proposed resources and appropriations as recommended by the Monroe North Tax Increment Financing Authority Board of Directors on May 9, 2018. This proposed FY2019 budget anticipates maximum resources and appropriations in amounts not to exceed $778,011.