CITY THREE RIVERS, MICHIGAN ENTERPRISE PARKTAX INCREMENT FINANCING AUTHORITY DEVELOPMENT PLAN UPDATE December 2012 December 2012
October 1, 2012To the Citizens of the Greater Three Rivers Community:On April 4, 1989, the Three Rivers City Commission created the Local Development Finance Authority, or ThreeRivers Industrial Development Authority (TRIDA), under Public Act 281 for the purpose of promoting industrialdevelopment. The TRIDA has the responsibility to undertake activities within designated development districts thatwill encourage industrial development in accord with a development plan approved by the City Commission.Today TRIAD oversees two districts, the Three Rivers Area Enterprise Park (TRAEP), and the Three Rivers AirportIndustrial Park (TRAIP).TRIAD is funded, in part, by Tax Increment Financing (TIF), whereby a portion of the property taxes paid by newbusinesses are used to fund needed streets, water, sewer, electric, gas, telephone and internet utilities.In the past 20-years, the pace of growth once envisioned for the 3TRAEP regional jobs center, has succumbed toMichigan’s up and down economy. However, we have developed 100 acres of the 380 acre original plan and intendto expand the TRAEP as future economic condition warrant.Today, the Enterprise Park has proved successful having six businesses employing 48 people with the trend oftaxable value increasing at an annual compound rate of 24-percent, proving the purchase of land and thedevelopment of the business park has significantly contributed to the growth and promise for the future of the greaterThree Rivers community.Michigan law requires the City Commission to periodically renew the plan for future development.This document summarizes TRIAD’s proposed work program for the next ten years.TRIAD proposes to complete eight projects and activities over the next ten years to continue development ofEnterprise Park and accomplish the goals set forth in 1993 TRAEP plan. A schedule of projects and activities plusthe anticipated cost and proposed sources of funding are contained in this summary.A public hearing before the City Commission is scheduled for December 4, 2012.Sincerely,Thomas J. Lowry, Mayor Steve Lucas, ChairCity of Three Rivers Three Rivers Industrial Development Authority
PROJECT LIST1. IDA Administration – Continued & Future Park Development Continuation of authority administration, management, promotion and development of the industrial parks including future expansion and infrastructure development as contemplated in the original William & Works conceptual development plan.2. Completion of Monroe Extension Final alignment determination and construction of proximate 2,200 lineal feet of street surface, signage, lighting and underground infrastructure, at an estimated cost of $800,000.3. Walking Trail Amenity Construction of approximately 2,500 lineal feet of hard surface walking trail and amenities with preserved wetland area, at an estimated cost of $250,000.4. Phase I Infrastructure Final alignment determination for up to 3 southern access ways and construction of proximate 1,300 lineal feet of street surface lighting and underground infrastructure, at an estimated cost of $500,000; plus acquire the rail road rights-of-way to create a common industrial area linking the TRAEP to the manufacturing enterprises and Broadway including construction of a roadway connecting TRAEP to Broadway.5. Land Acquisition for Industrial Park Expansion Purchase of, at minimum, one additional property for park expansion, 17 acres at $100,000.6. Phase II Infrastructure Final alignment determination and construction of proximate 1,000 lineal feet of street, surface lighting and underground infrastructure, at an estimated cost of $400,000.7. Shovel Ready/Shell Building Construction Preparation of plan, specifications and permitting for immediate construction and possible construction of proximate 40,000 square foot building – estimated plans, specification & permitting cost of $5,000 with actual construction cost to be determined at a future date.