KALAMAZOO (WKZO AM/FM) — Kalamazoo City Commissioners will be asked to dissolve the tax break authority created in 2002 under the Local Develompent Financing Act to help WMU facilitate the Business Research Park.
The agreement was designed to expire after 15-years and that time is about up.
Since then, half of the property taxes generated, about $6.5-million over that period has been captured and spent on improvements, facilities and recruiting at the B.T.R. Park.
The report to Commissioners says the park is now full, having attracted or created dozens of companies, hundreds of jobs and millions in tax base.
By all accounts its been a big success.
The occupants of the BTR Park won’t be required to pay additional taxes, but from now on all of the money, and not just half of it will go to the City, Kalamazoo County, schools, libraries and the other entities that receive local property taxes.
The BTR Park will continue to be a “Smart Zone” which is a state designation.
City Commissioners will consider the staff recommendation at their 7pm meeting at City Hall.
