Mass transit funding bill moving through

A bill is moving through Lansing that will further the possibility of mass transit in the region. The bill would allow Michigan's tax increment financing law to be used to establish "transit revitalization investment zones."

These are areas that snake along transit routes in which property taxes are increased over time, going toward financing transit operations and redevelopment.

Excerpt:

The report also cites a University of North Texas study which found that commercial properties located near Dallas rapid-transit system stations increased in value 24.7 percent between 1997 and 2001, more than double the 11.5 percent increase in value of properties not served by rail.

Residential property values near the stations rose 32.1 percent, compared with a 19.5 percent increase for other properties. New investment near the rapid-transit stations, from 1999 through 2005, totaled more than $3.3 billion.

Read the entire article here.