DDA Letter: “No funds should be returned…”
On request from The Chronicle, the Ann Arbor Downtown Development Authority has provided the text of a letter sent by its executive director, Susan Pollay, to the taxing authorities in its tax increment finance (TIF) district, explaining the DDA’s position on the issue of redistributing TIF revenue. From the letter text: “There can be no doubt that as long as the DDA is spending its TIF monies according to its plan, no funds should be returned to the taxing units. All of the DDA TIF is now committed to debt service for the existing downtown development projects and the administration ofthose projects.”
Earlier this year, in May – after city of Ann Arbor staff pointed out a provision in Chapter 7 … [Full Story]