The operations of the Ferndale DDA are guided by the Development/TIF Plan. The plan was last renewed in 2012 and runs through the end of 2022.
Tax Increment Financing (TIF) is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects. Through the use of TIF, municipalities typically divert future property tax revenue increases from a defined area or district toward an economic development project or public improvement project in the community.
In 2019, the Ferndale DDA began work on a Strategic Plan for Capital Improvement which will include an updated Development/TIF Plan. We expect this plan to be finalized and adopted in 2020. This updated plan will help us ensure that we are spending and saving tax money appropriately to best serve our community and help create a lively downtown with a mixture of uses.
DDA Development Plan 2012 – Original TIF Area
DDA Development Plan 2012 Executive Summary – Original TIF Area
DDA Development Plan 2012 – Expanded Boundary Area
DDA Strategic Plan
In conjunction with the annual budget process, the DDA also reviews and revises it’s Strategic Plan. By February, the organization and its committees have revised and updated the plan for the coming year. By March, the DDA Board of Directors approves the Strategic Plan and Budget for the coming fiscal year and the documents become part of the mapping system to Downtown Ferndale’s future.
Ferndale DDA Strategic Plan (Updated Jan 2018)