Midland College board of trustees have voted to join the city's efforts for improvement in downtown Midland. The decision came as Midland College leaders approved the college's participation in the Tax Increment Reinvestment Zone (TIRZ), an initiative aimed at channeling revenues into downtown improvements.
District 2 Councilman John Norman, representing the downtown area, emphasized the multitude of benefits expected from this collaborative effort. These benefits include crucial aspects such as infrastructure and public improvements, economic development, property value appreciation, and an overall enhanced quality of life for the Midland community.
“I believe that the establishment of the downtown TIRZ will be instrumental in fostering economic growth and revitalization downtown," said Councilman John Norman.
Both Midland College and the Midland County Hospital District have also aligned themselves with the City of Midland in endorsing the TIRZ and acknowledging the anticipated benefits it is poised to bring to the community.
The TIRZ holds significant financial potential, with projections indicating that it could generate up to $120 million in revenue from participating downtown properties over a 30-year term. This investment is earmarked for a range of projects, including lighting, safety initiatives, parking enhancements, and improvements related to waste management. The funds will also support projects such as signage installation, alley revitalization, and other key initiatives.
According to a release from the City of Midland, The TIRZ serves as a funding source for the Centennial Entertainment Overlay District, a plan designed to promote "a vibrant and active core within Midland's central business district."
Norman emphasized the transformative impact of establishing the TIRZ in downtown Midland, saying, “By establishing this TIRZ in downtown Midland, it will significantly contribute to its growth and prosperity.”