| The
Trenton Downtown Development Authority was created by City
Council in 1996 to serve as a mechanism for the revitalization of
the city's treasured downtown area. The
enabling legislation for such authorities is Public Act 197 of 1975,
which allows the creation of DDAs to "correct and prevent deterioration...
promote economic growth and revitalization (and to) encourage historic
preservation."
The Act is intended
to provide communities with "the necessary legal, monetary
and organizational tools to revitalize downtown districts either
through public-initiated projects or in concert with privately motivated
development projects." Essentially, the Act allows a qualifying
district to "capture" new tax revenues generated in the
district for the purpose of reinvesting that money into new improvements
in that district. The intent is to spur additional private investment
and other economic development. This approach is called "Tax
Increment Financing."
The current
Authority is comprimised of 10 members who were appointed by the
Mayor and council. Additional information can be obtained through
the DDA office at City Hall. |