The bill, House Bill 6114, would create a tax incentive that would
promote "transit-oriented development" around light rapid transit
stations. Of course Detroit doesn't have those yet, but the city isn't
that far off. So, local business and community leaders are urging
Michigan legislature to pass this now to get ahead of the game and
developments going.
Excerpt:
Dallas, Minneapolis, St. Louis and Charlotte, N.C., are among the
major U. S. cities that, in recent years, have created thousands of
jobs and attracted billions of dollars in new developments and
redevelopments by building and expanding light rail systems. The
transit systems are credited with sparking the construction of new
apartments and condominium units, restaurants, office buildings, retail
stores, cafes, movie theaters, centers for the arts, and much more.
Development around transit stations and systems is called ”
transit-oriented development.”
Specifically, House Bill 6114
would create geographic “transit revitalization investment zones”
around rapid transit stations. As commercial and residential
development occurs in the zones, the resulting growth in property tax
revenues would be used to fund the operation, maintenance or
infrastructure of the transit station and related facilities.
Get more information
here.
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