Full Strategic Plan.pdf - City of Southfield

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Strategic Plan This page intentionally left blank. 16 Cornerstone Development Authority
Strategic Plan III. CDA Resources As the City of Southfield’s downtown development authority, the CDA has valuable tools available to it to facilitate economic development. Created by the City in 1988, the CDA has all the powers afforded to a DDA under State law. Among the Board’s powers are the ability to: • Analyze economic changes in the district. • Plan for the construction, renovation, repair, or rehabilitation of buildings or public facilities. • Prepare long-range plans and enter into contracts. • Acquire property; charge fees, rents, and charges for properties under its control. • Acquire & construct public facilities (i.e. utilities, roads, street lights, sidewalks, parking lots). • Purchase, hold, demolish or rehabilitate property. The Cornerstone Development Authority obtains most of its revenue from the combination of a two mill property tax levy, and tax increment revenues. The CDA has also received periodic donations from Providence Hospital and others, and money borrowed from the city for renovation of the Millennium Centre. The CDA’s tax increment revenue capture is derived from increases in property value compared to the base tax value of property in the Tax Increment Finance (TIF) District when the TIF Plan was adopted in 1996. According to the last amendment of the Development Plan and TIF Plan in 2000, TIF revenues have been used primarily to finance capital oriented projects in the District, such as streetscape improvements (signage, lighting, and landscaping) land and building acquisition, and development assistance for redevelopment of under utilized properties. The TIF capture for the current budget year is approximately $629,000. The CDA’s two mill levy is assessed on all taxable properties in the District. Millage revenues are currently being used for general operating expenses, Millennium Centre loan payments, and for the TRIP and District Improvement grant programs. The Cornerstone’s TIF and Development Plan is in need of updating to reflect the new priorities of the Board. If deemed appropriate by the CDA and subject to City Council approval, we estimate that the CDA would support a 20 year bond issue for roughly $11,000,000 based on the current captures. This estimate does not use the CDA’s fund balance. Thus the CDA has considerable capability to make a significant impact on the economic and physical vitality of the Cornerstone District. Southfield, MI 17
Page 2 and 3: Strategic Plan 2008 - 2013 Building
Page 4 and 5: Strategic Plan This page intentiona
Page 6 and 7: Strategic Plan List of Maps Map 1:
Page 10 and 11: Strategic Plan Table 1: Population
Page 12 and 13: Strategic Plan Table 3: Businesses
Page 14 and 15: Strategic Plan Map 2: Cornerstone D
Page 16 and 17: Strategic Plan B. Land Use and Circ
Page 26 and 27: Strategic Plan Location The Distric
Page 28 and 29: Strategic Plan Table 6: Brainstormi
Page 30 and 31: Strategic Plan B. Emerging Trends A
Page 32 and 33: Strategic Plan Trend 2. SUSTAINABLE
Page 34 and 35: Strategic Plan Trend 4: HEALTH CARE
Page 36 and 37: Strategic Plan Emerging Trends Conc
Page 38: Strategic Plan Enhancing the physic
Page 41 and 42: Strategic Plan V. Mission Statement
Page 43 and 44: Non Residential Mount Vernon Rd. So
Page 45 and 46: Strategic Plan CONCEPT MASTER PLAN
Page 47 and 48: Strategic Plan of both the hotel an
Page 49 and 50: Strategic Plan VII. Strategic Actio
Page 51 and 52: Strategic Plan Table 8: District Ch
Page 53 and 54: Strategic Plan Table 9: Infrastruct
Page 55 and 56: Strategic Plan Table 11: Economic H
Page 57 and 58: Strategic Plan B. Measurements of S
Page 59 and 60: Strategic Plan VIII. Conclusions As
Page 61 and 62: Appendix A: Cornerstone Board Retre
Page 63 and 64: Topic Board Objectives Votes Distri

Full Strategic Plan.pdf - City of Southfield

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