That would have raised about $2.4 million each year for 10 years to buy about 20% of 356 parcels in the city.
The vote was 6,804-2,475 against the tax increase.
Certain new projects, such as those on property owned by local developer Joel Garret, were on hold while waiting for various debates about wetlands laws and the vote.
Now, many city leaders believe special wetland protection laws and tax increases should be thrown out. If the residents want to keep property from being developed, they should either buy it through a special assessment district, or work out land transfers withdevelopers, a few city council members say.
Troy is the 12th-largest city in the state, and the most successful office market in Southeast Michigan. It's home to the headquarters of many companies, includingKmart and automotive suppliers.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
