City Proposal 1 - Proposed Amendment to Require Voter Approval Prior to Adoption, Approval, Creation, Modification, Amendment or Extension of a Tax Increment Financing (Tif) Plan.

Shall Section 28 entitled "Limitations on the Power of the City Commission" of Chapter IV entitled "Legislation, Powers and Procedures" of the Charter of the City of Traverse City be amended by adding a paragraph to read that "We declare that tax increment financing (‘TIF') plans shall be submitted to a vote of the people, since TIF plans divert local property tax revenue away from the general fund and basic city services such as police, fire, ambulance, streets and parks. Any proposal to create a TIF plan, or to modify, amend or extend an existing TIF plan, shall not be adopted or approved by the City or City Commission until after the proposal is submitted to and approved by a majority of the electors of the City at a regular election or at a special election held for that purpose?