The purpose of the Tax Increment Finance Authority (TIFA) is to promote economic and business development through programs and public improvement projects that create economic opportunity, provide entrepreneurial support, and preserve property values while maintaining the historic nature of Downtown Hillsdale.
The TIFA derives its funds from a geographically defined district. The assessed value of properties located in the district at the time it was created established the baseline value. Any incremental increase in property values above this baseline are captured to be reinvested into the district. For a map of the district, click here.
The TIFA must periodically amend its Development Plan. The Development Plan dictates the projects and goals that the TIFA wishes to pursue in the coming years.
City of Hillsdale TIFA Programs:
In order to promote economic and buisness development, the TIFA has created and implemented several new programs in addition to the Facade Improvement Program. These programs are as follows:
♦ $10,000 Business Attraction Application ♦ $10,000 Business Attraction Guidelines
♦ $30,000 Business Attraction Application ♦ $30,000 Business Attraction Guidelines
♦ $40,000 Restaurant Attraction Application ♦ $40,000 Restaurant Attraction Guidelines
♦ $10,000 Business Expansion Application ♦ $10,000 Business Expansion Guidelines
♦ $10,000 Special Projects/Historic Building Improvement Application ♦ $10,000 Special Projects/Historic Building Improvement Guidelines
They are a mix of 1:1 matching grant programs and forgivable loan programs. If you are interested, follow the links to read the guidelines and if you meet the requirements, feel free to fill out the application and submit to the Economic Development office or the Planning/Zoning office in City Hall.
Through the Facade Improvement Program, grant funding is available for the purpose of encouraging exterior building façade improvements within the TIFA district. A reimbursement of up to 50% of eligible expenses is available per property up to a maximum grant award of $10,000.00.
The City of Hillsdale TIFA recently applied and was approved for a Placemaking Grant from the Michigan State Housing Development Authority (MSHDA). The TIFA proposes to use grant funds to develop a comprehensive municipal landscape/streetscape design and development plan for the downtown historic City of Hillsdale TIFA district, by retaining Third (3rd) party Municipal Streetscape/Landscape architecture and planning services.
The scope of this plan would include a review of existing conditions, development of a visual concept with schematic drawings, completion of a gap analysis between existing conditions and the planned visual concept and creation of a prioritized project list with required funding need estimates.
The City of Hillsdale TIFA was established in 1986 under P.A. 450 of 1980 and is governed by an eleven member board appointed by the Mayor. The board is comprised of local business persons, property owners, and community stakeholders. Regularly scheduled board meetings take place the third Tuesday of every other month at 7:30 AM at City Hall, 97 N. Broad Street and are open to the public.
If you are interested in serving on the TIFA Board and would like more information, click here.