Location is crucial when it comes to real estate but so is keeping buildings in good repair and the business districts looking nice. Commercial property owners in Detroit have banded together, voting to create a Business Improvement Zone. According to reports, the BIZ would be located in the central business district of Detroit, and the Downtown Detroit Partnership is spearheading the effort fearing that the Clean Downtown initiative will be low on funds after this year.
The BIZ was approved in a unanimous decision by the City Council in March, but it still needed the support of local property owners to go ahead. Eighty-six percent of the property owners voted in favor of the BIZ, which would be funded by a tax assessment on the commercial property owners themselves. The assessment will be just under 10 cents per square foot annually and will be in place for 10 years. Property owners can vote again after that time period to see if they want to renew the tax.