Yanez Vote Supports Corridor Improvement Plans
LANSING - State Representative Henry Yanez (D-Sterling Heights) voted for a bill today that will help cities with Corridor Improvement Authorities (CIAs) to continue making improvements and promoting economic growth in their local communities.
“This bill will empower cities so they can do more to improve our local economy,” said Yanez. “This is essential to revitalizing underdeveloped corridors, such as Van Dyke Road in my community of Sterling Heights, to spur economic development in communities that need it most.”
Some cities have had a hard time finding funds for investment because property values have dropped in recent years. House Bill 4327 would help CIAs by allowing them to have a one-time reassessment of its tax level. This would allow the CIA to generate revenue at the same level they were collecting before an economic downturn. They could only do this when property values have decreased in their area for three years.
CIAs are used in communities that do not have traditional downtowns or downtown development authorities. CIA’s work with corridors, like Van Dyke Road, and try to help those commercial districts attract new businesses and industries.
“This bill will hit the reset button for specific areas in certain communities so that their CIA can support businesses that want to expand, attract new businesses to these areas, and create jobs and help our economy grow.”
House Bill 4327 will next be considered in the Michigan Senate.