The GAD Top Three | June 5th, 2023

The GAD Top Three | June 5th, 2023 slideshow item

TC Planning Commission Considers Zoning Amendments, What’s Next for Downtown TC and the TC DDA, and U.S. Debt Ceiling and Its Effect on the Real Estate Sector

In this week’s GAD Top Three, the Traverse City Planning Commission will consider a recommendation to the Traverse City Commission of zoning amendments that can increase housing options and development in Traverse City, Aspire North Public Policy Committee Chair Scott Hardy shares with us the next steps for the Traverse City DDA to keep downtown Traverse City vibrant, and some background on why the U.S. Debt Ceiling matters to the real estate industry.

1. TC Planning Commission Considers Zoning Amendments

The Traverse City Planning Commission will be holding a Public Hearing this coming Tuesday, June 6th at 7 pm at the Grand Traverse County Governmental Center (400 Boardman Ave., Traverse City) to consider a possible recommendation of proposed zoning ordinance amendments. Aspire North REALTORS has offered our support for these proposed zoning ordinance amendments as featured on the Traverse City Planning Department’s story map. The proposed Traverse City zoning ordinance amendments are broken down in the memorandum for the Traverse City Commission Meeting and includes public input provided at the May 16th Public Open House held by the Traverse City Planning Commission at the Park Place Hotel. In response to public concerns regarding the need for owner occupancy of properties, I have pulled together some information on communities that have experienced significant increases in housing options at attainable income levels as a result of removing owner occupancy requirements. Check it out.

2. What’s Next for Downtown TC and the TC DDA 

As you may or may not be aware, in 2022 the Traverse City Downtown Development Authority (DDA) adopted a Moving Downtown Forward plan outlining the strategic direction of the Traverse City DDA. The plan’s Guiding Principles were informed by public engagement:

  • Design a great place for all ages and for future generations
  • Protect and preserve small independent businesses
  • Support job growth and varied career opportunities
  • Champion the development of attainable and workforce housing
  • Advance climate action, sustainability, renewable energy, energy efficiency, and resiliency

Over the next 10 months, the Traverse City DDA, through a public process, will develop a renewed TIF Plan for the next 30 years that aligns with the Guiding Principles to present to the Traverse City Commission for approval. Part of this renewed plan will be two larger-scale public infrastructure projects:

  • Lower Boardman/Ottaway Riverwalk
  • West End Parking Structure

Aspire North REALTORS Public Policy Committee Chair, Scott Hardy has written a great piece explaining the history of the City of Traverse City’s Downtown Development Authority and the important role that Tax Increment Financing (TIF) has played in Traverse City’s downtown development as the greater Traverse City community considers TIF renewal before its expiration in 2027. Check it out in the Aspire North Weekly this week or on the Aspire North Blog webpage and consider lending your voice to this important process for the greater Traverse City region. 

3. U.S. Debt Ceiling and Its Effect on the Real Estate Sector

As of this writing, the United States (U.S.) House of Representatives and U.S. Senate have passed a United States two year debt ceiling deal that President Biden is expected to sign. The U.S. government is forecast to hit its borrowing limit on Monday, June 5th. 

Mortgage rates already rose to an average of 6.79% last week, the highest level since November. Here are a few articles on the effect of the debt ceiling on real estate:

Connor Miller photo
Connor Miller
Government Affairs Director

As the Government Affairs Director, I work to advocate for the real estate industry through programming that promotes the election of pro-REALTOR® candidates; engage, inform, and activate membership and local government officials on key local and state real estate policies; provide staff support to the REALTOR® Political Action Committee that invests members' voluntary contributions to protect and promote the real estate industry; and support the Aspire North memberships’ involvement in community projects to further grow and strengthen our region.