Tifa Meeting 4-17-25

The City of Pontiac held a TIFA (Tax Increment Finance Authority) meeting on April 17, 2025, focusing primarily on the approval of an interlocal agreement related to the Oakland County Woods affordable senior housing project. The discussion detailed the financing structure involving 9% and 4% low-income housing tax credits, the use of tax increment financing to reimburse developers, and the benefits to the city including affordable housing development, job creation, and economic stabilization. The board voted to approve the interlocal agreement, enabling the project to move forward. Additionally, the meeting addressed future plans for the TIFA board to take a more proactive role in development planning, including potential infrastructure projects and the reestablishment of a local brownfield authority to streamline future redevelopment efforts. The board also discussed scheduling regular meetings to support ongoing oversight and development activities.