Another TR building to get facelift
March 19, 2010 by WLKM
Still another building in downtown Three Rivers is being eyed for rehabilitation.
Tim Raakman, the new owner of 51 North Main Street, has requested establishment of an Obsolete Property Rehabilitation Act (OPRA) District for the property. His application says he would like to renovate the property with a total investment estimated to be $200,000 for windows, doors, brick work and painting.
In action Tuesday evening (March 16th), the Three Rivers City Commission responded to Raakman’s request by scheduling two public hearings for the commission’s next meeting on April 6th, one to consider establishing OPRA District 13, the other to approve the OPRA application for the 51 North Main property.
A staff memo from City Clerk Lindsay Howes and City Manager Joe Bippus explains that, “The goal of an OPRA (designation) is to rehabilitate older buildings into vibrant commercial and commercial housing projects. A community essentially freezes the existing taxable value on a designated facility for up to 12 years. By freezing the taxable value, it provides an incentive for the developer to make significant improvements to a building without increasing the property taxes on the building. The exemption does not apply to the land on which the rehabilitated facility is located and does not apply to personal property.”