WHAT IS THE SAGINAW CORRIDOR IMPROVEMENT AUTHORITY?
In 2009, the Lansing City Council adopted a resolution to establish the Saginaw Street Corridor Improvement Authority (SCIA) and to designate its development area (from the western Lansing City Limits along Saginaw Street, east to Pennsylvania Avenue). In 2011 and 2012, the City Council appointed members to the Saginaw CIA Board. Unfortunately, the board has been dormant since 2011.
In recent months, the Saginaw Oakland Commercial Association (SOCA) has partnered with the City of Lansing and the Lansing Economic Area Partnership (LEAP) to get the SCIA back up and running. We want the SCIA to help lead efforts to revitalize Saginaw Street. Our short-term goals are to appoint several new board members and to finalize the SCIA Development Plan. Longer term, SOCA hopes to accelerate and complement the SCIA TIF capture with additional funding streams.
WHO CAN JOIN THE SCIA BOARD?
A majority of the members must be persons having an ownership or business interest in property located in the Corridor Improvement Authority development area. At least one of the members must be a resident of the development area or of an area within one-half mile of any part of the development area.
WHAT IS THE DEVELOPMENT PLAN?
The development plan outlines improvements to public or private properties that will prevent further deterioration of the district and encourage new investment. These specific plans may be funded by tax increment financing, private or corporate donations, and other grants. In the case of the SCIA, we plan to implement a TIF capture mechanism.
HOW WILL THE SCIA IMPROVE SAGINAW STREET?
A CIA coordinates strategic investments to the district through dollars generated by tax increment financing (TIF). A portion of any increase in the area’s tax base resulting from the economic growth and re-development to facilities, structures or improvements within a development area is reinvested in the corridor and used for infrastructure improvements and facilities enhancement, thereby reinvigorating the development area and facilitating economic growth and development. The justification for capturing the taxes is that no new investment would have been made within the district without the establishment of the CID; therefore no taxes are lost by the interested taxing jurisdictions.
WHO DO I CONTACT FOR MORE INFORMATION?
Rory Neuner, Saginaw Oakland Commercial Association (SOCA) at firstname.lastname@example.org or 517-515-3535, or Keith Lambert, Lansing Economic Area Partnership at email@example.com or (517) 702-3387 x211.