As a means to enhance economic growth in local communities, the Michigan State Legislature enacted the Tax Increment Financing Act, Public 450 of 1980, as amended. This act enables a municipality to establish a Tax Increment Finance Authority (TIFA) consisting of seven local residents appointed by the City Council to undertake public projects aimed at promoting economic development within the TIFA district. For a map of the TIFA district, click here.
The TIFA is responsible for preparing a development and financing plan and implementing the objectives of the plan, which may include but are not limited to sidewalk repair or replacement, street lighting, street improvements, land and building acquisition, property leasing, parking and landscape improvements, and building signage.
The funds appropriated to the Tax Increment Finance Authority are generated through tax increment financing, a public funding method in which the growth in taxable value on property located within the TIFA district is captured and tax revenues from the captured value are used to make improvements within the district. The TIFA Act allows the City of Richmond to capture the annual growth in taxable value measured from the baseline taxable value in 1984, the year the city's TIFA was established.
TIFA Documents (Plans and Amendments)
Below are links to the TIFA Plan and TIFA Plan Amendments along with the Resolution extending TIFA.
TIFA Budgets, Audits, Contracts and Annual Synopsis
The TIFA Budgets can be found by clicking on the following link, budgets. The TIFA budget files that have been uploaded includes the following items: TIFA Budget and worksheets, Tax Base Sharing Agreements, Resolution dedicating unspent funds and 6 Year Capital Improvement Plan
The TIFA Audits can be found by clicking on the following link, Audits. The TIFA Fund is audited as part of the overall City of Richmond Audit.
A listing of current contracts that are entered into by TIFA on an annual basis can be found by clicking the following link, Contracts.
Under Public Act 57 of 2018, TIFA is required to place an Annual Synopsis of the activities of the City of RIchmond TIFA. These "Annual Synopsis" are posted for the year prior. The Annual Synopsis can be found by clicking on the following link Annual Synopsis.
TIFA Board and Director
The TIFA Board is made up of seven residents appointed by the Mayor and confirmed by the City Council. The TIFA Board then hires a Director to manage the day to day operations of the TIFA.