Title
Resolution Setting a Public Hearing on September 17, 2018, to Receive Public Comment on the Proposed Commercial Rehabilitation District No. 2018-001
Memorandum
Attached please find for Council action the necessary resolution to set a public hearing on the request from Barbara Herzig on behalf Graham Hotel Systems ("Graham") to establish a Commercial Rehabilitation District in the area identified in Attachment 1 ("Proposed District"). Graham owns the Kensington Hotel and the Holiday Inn Express on South State Street; the Proposed District would include those properties as well as a proposed conference and training facility (and related parking garage), which Graham plans to build.
Public Act 210 of 2005, the Commercial Rehabilitation Act ("CRA"), allows the creation of Commercial Rehabilitation Districts, in accordance with the CRA. The State of Michigan's Department of Treasury's website describes the CRA as follows:
The Commercial Rehabilitation Act, PA 210 of 2005, as amended, affords a tax incentive for the rehabilitation of commercial property for the primary purpose and use of a commercial business or multi-family residential facility. The property must be located within an established Commercial Rehabilitation District. Exemptions are approved for a term of 1-10 years, as determined by the local unit of government. The property taxes are based upon the previous year's (prior to rehabilitation) taxable value. The taxable value is frozen for the duration of the certificate. Applications are filed, reviewed and approved by the local unit of government, but are also subject to review at the State level by the Property Services Division. The State Tax Commission (STC) is responsible for final approval and issuance of certificates. Exemptions are not effective until approved by the STC.
(Source here).
Before a Commercial Rehabilitation Exemption Certificate can be granted to an eligible commercial property owner, the City by resolution of its le...
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