Posted on June 19, 2018
City Delays Decision On Short-Term Rentals
By Beth Milligan | June 19, 2018
Homeowners seeking more flexibility to rent out rooms on their properties on a short-term basis face another delay after Traverse City commissioners pushed back a decision on amending the city’s rental rules Monday. The tourist home discussion topped a busy agenda for commissioners, who also received an update on bacterial outbreaks at the city’s wastewater treatment plant and took the next step toward bonding a citywide sidewalk project and completion of the Boardman Lake Trail.
Eighteen months of discussion about amending the city’s tourist home policy will continue for at least several more weeks after city commissioners Monday declined to approve proposed changes to the city’s ordinance and delayed further discussion until a July 9 study session.
Commissioners were asked to consider changing the rules for homeowners in single-family residences who want to rent bedrooms on their property out to visitors through sites such as Airbnb and VRBO. The city’s current tourist home ordinance allows homeowners to obtain a license to rent out no more than three rooms in their homes for up to seven days at a time. The entire residence can’t be rented out, and residents must meet several requirements to obtain the licenses, including living on-site. Tourist homes also have to be more than 1,000 feet apart, limiting the number that can operate in the city.
Under the proposed new rules, the city would create two categories of tourist homes: high-intensity, in which up to three rooms could be rented by two people per room for a maximum two-week stay (totaling 85 or more guest nights per year), and low-intensity, in which up to two rooms could be rented by two people per room for a maximum two-week stay (totaling 84 or fewer guest nights per year). While high-intensity homes would still be required to be 1,000 feet apart, there would be no distance requirement for low-intensity homes. The rule changes also include a new application, complaint, and license revocation process; a move to require inspections every three years instead of annually; and changes such as allowing no basement rooms, employee stays, or receptions/private parties.
Though they spent several months hammering out the latest iteration of the rules before forwarding the proposal to city commissioners, planning commissioners were divided about the changes and acknowledged the new draft ordinance was unlikely to please everyone. A group of city residents had advocated for allowing homeowners to have unhosted rentals – something not permitted under the proposed new policy – and also voiced concerns the new rule changes were too complicated. Several city commissioners agreed with that assessment Monday and said the policy needed further review.
“I can’t support this ordinance as it is in this format,” said Commissioner Richard Lewis. “I think we’ve made it harder rather than simpler, and I don’t think it’s going to make the (short-term rental) issue go away.” Agreed Commissioner Amy Shamroe: “This isn’t meeting the needs for me right now to say let’s run with it. There are a lot of gaps and questions (with the draft changes).”
Commissioners agreed to discuss the proposal further at a July 9 study session and said they could form an ad hoc committee after that meeting to study the proposed changes in more depth.
Posted on May 29, 2018
Marshes To Open New Restaurant
By Beth Milligan | May 29, 2018
Dan and Pam Marsh, owners of Red Ginger, have purchased the Garfield Center retail strip center, and plan to open a restaurant there this fall. The eatery will open on the south end of the center where the Thimbleberry Kids resale shop is now located. Garfield Center (pictured) is on S. Garfield Avenue between Carver and Parsons. Other Garfield Center tenants include HoneyBaked Ham, The UPS Store, Nails Tek, and others. The entire center is 17,140 square feet and is fully leased.
Pam Marsh tells The Ticker the restaurant will be “healthy fast/casual,” serving breakfast and lunch, with dining in and takeout. The couple will also explore options for delivery. The restaurant — as yet unnamed — will be open from 7:30am-4:00pm (closed for dinner).
“It’s a concept we’ve been working on for a couple years,” Marsh says, “and we’ve been looking for just the right space. We’ll feature healthy, organic, sustainable foods. I’d call it ‘healthy comfort food.'”
Marsh says the location is ideal because it is still within Traverse City limits, far enough away to not compete directly with downtown restaurants, yet still in a high traffic corridor.
Thimbleberry will be moving out in July, when initial construction on the space will begin. Marsh says the hope is to open by November 1. The restaurant will seat approximately 60.
Other openings, closings, and moves…
Traverse City Whiskey Company is preparing for its next major phase of growth with the purchase of the former Cherry Growers fruit processing facility at 9440 South Center Highway.
The 34-acre property is the planned future site of a new distillery, rick houses, and a visitor center with a tasting room. The distillery will include end-to-end production – including mashing, fermentation, and distillation – and will eventually increase the company’s capacity from 400 to up to 4,000 barrels per year. “We learned early on that unlike distilleries that focus on clear spirits, because of our aging process we need a lot of room for barrel storage,” says owner Chris Fredrickson. “We realized this building could be a great home for us and would position us well for future growth.”
Fredrickson says the company will continue to maintain its Fourteenth Street location as a tasting room and experimental distilling site, with the majority of the company’s production relocating to the new facility. The company is working with Elmwood Township on zoning approvals to accommodate the tasting room on the new property – allowing for educational tours and product sampling – and plans to take a phased approach over the next two years to renovating the building, installing new equipment, and doubling the production staff.
In other beverage-related news, video game arcade The Coin Slot has opened a corner bar called The Keg Stand inside its East Front Street location. The bar offers six craft brews on tap from The Workshop Brewing Company, allowing customers to have a beer while playing games. The company will celebrate the addition with a grand opening party on June 12. On Randolph Street, Tilley’s Party Store and Disc Golf has installed a new craft brew tap system allowing customers to buy growlers of beer. The store is the first packaged liquor distributor in Traverse City to offer the service and plans to host tasting events with local breweries focusing “on unique beers and beer that is not available in bottles,” says partner Eric Piedmonte.
Glen Arbor clothing and accessory store Coastal opened in a new location this weekend in the heart of the Crystal River Outfitters Recreational District on M22. The company will host a ribbon-cutting ceremony Thursday from 4-6:30pm to celebrate the move. Next door to the new store, M22 Glen Arbor has launched a new outdoor wine bar patio offering 16 custom-blended wines from Black Star Farms, cider, and non-alcoholic drinks. The patio will be open afternoons and evenings through October and will host live music on Thursday nights in July and August.
Discount retail store Merchandise Outlet is opening a new Traverse City location. The company is currently renovating the former Family Dollar space at 1127 South Garfield Avenue and is in the process of hiring cashiers, associates, and receivers. The Michigan chain specializes in a wide variety of inventory offered at “a fraction of major retail prices,” according to the company. In Traverse City’s Warehouse District, Maindeck Supply Co. – a new apparel line and retail store – held a grand opening celebration this weekend at 229 Garland Street. The company offers hand-printed and Michigan-made apparel and headwear.
Also in downtown Traverse City, Crepes & Co. has opened its doors within the State Street Marketplace on State Street. French chef Vanessa Grasset offers both savory and sweet crepes featuring Michigan products including Cooper Family’s jams, Sleeping Bear Dunes honey, Moomers ice cream, and Great River Organic Milling buckwheat, among other products.
Finally, Inspire Art Gallery is closing its doors within Leelanau Studios on Cherry Bend Road. “We are sorry to announce Inspire Art Gallery will be closing May 31…due to unforeseen circumstances,” the store posted on its Facebook page. “We are exploring the possibility of an online gallery. Stay tuned!” The gallery is offering a closing sale featuring discounts up to 30 percent on many of its pieces.
Posted on May 8, 2018
City Commissioners Commit To Fix Eighth Street In 2019
By Beth Milligan | May 8, 2018
Traverse City commissioners Monday committed to reconstructing Eighth Street in 2019 – a verbal promise that sets a firm timeline goal for the city and was cited by several commissioners as justification for not temporarily repaving the corridor this year.
Commissioners made the commitment while voting to approve funding for several other upcoming paving projects, including $300,000 to reconstruct the north alley of Eighth Street between Boardman and Railroad avenues. According to city staff, that project is a key precursor to the reconstruction of the entire corridor, as it will help maintain access to businesses and residences while Eighth Street is closed for reconstruction.
During discussion of the alley project and a separate proposed $167,640 contract with Elmer’s Crane and Dozer to lay down a temporary skim coat on Eighth Street this year as a Band-Aid fix for the road’s deteriorating pavement, several commissioners expressed their desire to set a firm timeline for the entire reconstruction of the corridor.
“Our credibility is starting to get shot, because we have put it off and put it off,” said Commissioner Richard Lewis, saying he wanted the city to implement the “complete plan” for the corridor created through a 2016 public charrette process. After other commissioners echoed Lewis’ remarks, City Manager Marty Colburn said the estimated $7 million Eighth Street project could start next year if city commissioners were willing to commit to funding it.
“We do have the ability to get Eighth Street done…assuming that the city commission gives me the resources to do so,” Colburn said.
Colburn said city staff had been waiting to hear from the state of Michigan on whether $1 million in funding would be available to help with the Eighth Street project. But he said it now appears “that is not going to occur,” leaving the city on its own to fund the project. That could require tough decisions by city commissioners on how to pay for the reconstruction, such as delaying other projects, making cuts, or bonding the project.
“We can fund this, (but) it may be painful, we may not like it,” said Commissioner Brian McGillivary. “But we have repeatedly told people we’re going to do this…that road needs to be fixed, and we just need to accelerate it and get it done.”
Colburn told commissioners he would bring funding options to them for the project by this summer. Commissioners then voted 6-1 to reject the temporary overlay project for Eighth Street this year, with several saying their ‘no’ vote was directly tied to their commitment to start Eighth Street’s reconstruction by next fall. Both McGillivary and Commissioner Tim Werner reversed course on their previous support of investing in a skim coat for the corridor – support initially expressed when the reconstruction timeline appeared to be several years out. McGillivary compared the spending of $167,640 to temporarily smoothen a road that will be torn up next year to pouring money into repairing a house roof that’s “structurally unsound and would have to be replaced.”
Lewis agreed. “I’m not a fan of putting a top coat on if I’m given assurance and the public is given assurance and we have the nerve (to commit to the reconstruction),” he said. “We are doing it next year. That’s the only way we’ve got to think here, or else do this (temporary repaving project).” Commissioner Amy Shamroe reiterated the commission’s commitment to the reconstruction. “This board has decided we are doing it next year…I am confident that we will get this accomplished,” she said.
Commissioner Michele Howard was the sole ‘yes’ vote in favor of funding the temporary repaving project. She said the current condition of Eighth Street is “not good for anybody” and rebutted McGillivary’s roof analogy by saying if her roof was leaking water into her home, she would immediately repair it. Howard was also one of the two dissenting votes – along with McGillivary – to reconstructing the north Eighth Street alley, citing concerns it would “drive more traffic down that alley” where Boardman Neighborhood residents live.
Commissioner Brian Haas, however, noted the alley is not just a residential but also a commercial alley, and said the project is “one of those check boxes we’ve got to get through to reach that ultimate objective (of reconstruction). I think if we continue to put this off, it’s one more thing to add to the list next year.” City Engineer Tim Lodge also stressed that the alley repaving was an “essential element” of the Eighth Street reconstruction project. He noted that when reconstruction begins, Eighth Street will be completely barricaded off, with no traffic lanes maintained through the corridor.
“I will tell you that one of the biggest things that we can do is to assure businesses along the corridor and other property owners access to their properties during construction,” Lodge said. “This street will be entirely shut down…this project on Eighth Street is going to be tremendously impactful.”
Chuck Cady, a resident of Midtown neighborhood along Eighth Street, said he and other property owners had been waiting at least a decade for repairs to be made to the corridor and encouraged commissioners in their prioritization of the project. He said that “people who are along Eighth Street have been anxious to see their property values enhanced,” adding those values have been declining for years.
“We feel strongly that (the reconstruction) will add to the quality of life for blocks around in all directions…it’s owed to the community, it’s owed to the taxpayers,” he said.
Posted on April 16, 2018
First, the agency has lifted the requirement that households retain their federal coverage if they switch to private insurance before their coverage term is up. Prior to this change, households had to maintain their federal coverage even after switching to private coverage, which meant they had to pay two sets of premiums if they made the switch.
And second, insurance companies that offer federal coverage can now also offer private coverage as well, either their own or another company’s. Prior to this change, if a company offered the federal option, it was prohibited from providing a private alternative.
The agency has also made two other small changes to make life easier for homeowners who appear to be in a flood zone.
First, if a homeowner’s state uses what’s known as LiDAR technology to collect elevation data, owners can now use that data to demonstrate they don’t need flood insurance. That can save them as much as $2,000 on the cost of a separate elevation certificate. The downside here is many states are not yet using the new technology to collect elevation data, though Minnesota and North Carolina are two examples of those that do.
And second, FEMA’s procedures for newly mapped flood areas will be extended to apply to more properties. That means more owners will be able to start their premiums at a lower rate and only gradually reach responsibility for full premiums.
—Rob Freedman, REALTOR® Magazine
Posted on January 24, 2018
Kingsley, Kalkaska Emerge As (Cheaper) Alternatives
By Ross Boissoneau | Jan. 24, 2018
The median sales price for a single-family home in Traverse City rose to $256,000 last year, a figure prompting many would-be homeowners to look to adjacent towns to the north or south. In nearby Kingsley, the median sales price was $161,500, and just up M-72 North in Kalkaska, it was $109,050 – less than half of Traverse City.
Kingsley resident and Keller Williams realtor Stacy Allman says leaving Traverse City in the rearview mirror for Kalkaska or Kingsley means you can find a three or four bedroom and one and a half bath home between $150,000 and $200,000. In Traverse City, such a home would be well over $200,000 – if you can find one at all.
Max Anderson — whose job ironically is to promote all things Traverse City — knows that firsthand. The executive director of the Traverse City Area Chamber of Commerce and his wife searched for a home in TC to no avail. “We wanted to be in downtown Traverse City, as it was close to work. We put offers in (on houses) and they got bought out from under us,” he says.
That led them to consider other towns nearby, eventually opting for Kingsley. “It’s close enough to Traverse City to have everything you want, yet I can walk on the back deck and there’s no light pollution,” Anderson says.
Gabe Snider and her husband Shannon are similarly pleased, though their story is a bit different. The two were looking for a specific type of property, and found what they wanted in Kalkaska. “It’s an old farmhouse with a barn and carriage house, two lean-tos and a chicken coop, on almost 20 acres,” she tells The Ticker. “In Traverse City it probably would be more than $400,000.” In Kalkaska? $135,000 with 11 acres, and the owner added another seven acres for $1.
The numbers bear out the two towns’ burgeoning popularity, where housing prices have steadily increased each year. In Kingsley, the median sale price 2014 was $119,950; last year it grew to $161,500. In Kalkaska, the median 2014 price was $92,000, compared to $109,050 in 2017. Solid growth, but nothing compared to Traverse City, where in 2014 the median price was already $194,700, growing to $256,000 last year — and pricing some out of the market.
And homes in Kingsley and Kalkaska are not staying on the market as long, either. Kingsley homes were for sale, on average, 105 days in 2014, dropping to 63 three years later. The story’s the same in Kalkaska, where the median days on market fell from 117 in 2014 to 89 last year.
And it’s not only home prices where buyers find savings. “Just south of Kingsley is still a good shot to Traverse City, but Wexford County taxes are lower,” says Allman.
She’s also a cheerleader for her hometown. “I serve on the DDA in Kingsley, and we’re bringing business in. It’s a top-ranked school, and enrollment is increasing. And it’s a tight-knit community.”
Lifelong Kalkaska resident and realtor Sue Vowels of Coldwell Banker Schmidt, who sold the Sniders their home, is similarly enthusiastic about her town. “There are activities like the Trout Festival, and horse, RV and snowmobile trails. You don’t go more than three miles without running into water, including two blue-ribbon trout streams.” She goes on to tout Kalkaska Schools and the fact the town has both a small airport and a hospital.
Kalkaska’s proximity to other northern Michigan towns was also appealing to the Sniders; Gabe splits her work time between Pellston and Harbor Springs, while her husband’s work is moving from nearby Williamsburg to Leelanau County. “We looked in Traverse City and Williamsburg – it was half the land for twice the price. Now we have land, a farmhouse, no neighbors. It’s quiet and only six miles to the grocery store, with lakes all around us,” Snider says.
Posted on January 2, 2018
Protect a Home’s Pipes From the Cold
But there’s plenty you can do to keep your pipes safe in the winter, as a homeowner or landlord. Precautions should be ideally taken in the fall, but if you forgot, better to take steps now than none at all.
HouseLogic offers the following tips for protecting your pipes from bursting, including:
Turn on your faucets.
When temperatures have dropped into freezing, turn on your faucets both indoors and out to keep the water moving through your system. HouseLogic recommends aiming for about five drips per minute.
Open cabinet doors.
Open any cabinet door covering the plumbing in the kitchen and bathroom. The home’s warm air can help prevent pipes from freezing.
Wrap the pipes.
If the pipes are already near freezing, wrap them in warm towels to help loosen the ice inside. Cover them with towels and then pour boiling water on top.
Shut off the water.
If your pipes are already frozen, turn off the main water line to the home immediately. Shut off any external water sources, such as garden hose hookups, HouseLogic recommends.This also helps after the ice inside your pipes thaws because you don’t want the water to flood your system.
Read more tips at HouseLogic.
Source: “5 Tricks to Keep Your Pipes From Exploding This Winter,” HouseLogic (December 2017)
Posted on January 2, 2018
Tall Building SLUP Back Before Commission
By Beth Milligan | Jan. 2, 2018
Traverse City commissioners tonight (Tuesday) will reconsider a special land use permit (SLUP) for a controversial 96-foot development in downtown Traverse City – even though developers are no longer planning to proceed with the project.
Commissioners will review the SLUP for two tall buildings at the corner of Pine and West Front streets in order to fulfill an order from the Michigan Court of Appeals. After Judge Philip Rodgers vacated a SLUP for the project in March 2016 – citing city commissioners’ failure to properly analyze the development’s impact on city services and infrastructure – developers Erik Falconer and Joe Sarafa appealed the ruling. In October, the Michigan Court of Appeals upheld Rodgers’ decision, ordering the SLUP application be sent back to city commissioners for further study.
While they were still going through the appeals process, however, Falconer and Sarafa announced publicly they were redesigning the development to come in at just under 60 feet. The original project plans were dramatically overhauled to allow for the construction of a scaled-down mixed-use development (pictured) that can be built by right under city zoning laws. But while the developers are no longer seeking a SLUP for a 96-foot project, city commissioners must still hold a public hearing and address the deficiencies identified by the court, according to Acting City Attorney Karrie Zeits.
“As Pine Street Development, LLC has abandoned the SLUP request, it is not the intention of the public hearing to lead to an approval of the SLUP, but rather to eliminate any argument that the city has not complied with the Court of Appeals’ decision,” Zeits wrote in a memo to commissioners.
The Court of Appeals noted that among the deficiencies in the commission’s original analysis of the SLUP request, “evidence and rationale determining that the development would be adequately served by police protection was lacking, data about how the proposed development would affect traffic patterns was lacking, and evidence that local schools could support the proposed development was lacking,” Zeits says. The Court of Appeals also “found that there was no substantial evidence supporting the conclusion that the proposed development would create additional tax revenue that offset the increased cost of infrastructure and services.”
In order to help commissioners address those deficiencies in their analysis as ordered by the court, city staff prepared documents for tonight’s discussion that include a report by Traverse City Police Department Chief Jeff O’Brien on the project’s impact on police services, a traffic analysis from City Engineer Tim O’Brien, and a letter from Traverse City Area Public Schools Human Resources Executive Director Cindy Berck affirming the school district can accommodate new students potentially brought by the development. Former Downtown Development Authority Executive Director Rob Bacigalupi also submitted an analysis of tax revenue created by the development versus its potential impact on city infrastructure and services.
Collectively, the documents cover the gaps in the commission’s original analysis to satisfy the Court of Appeals’ order that the board reconsider those particular issues. While the developers’ decision “to not pursue the project essentially makes this moot,” according to City Manager Marty Colburn, some commissioners previously expressed skepticism about holding tonight’s public hearing. Commissioner Brian McGillivary questioned whether the hearing could lead to a back-channel approval of the SLUP, freeing developers to pursue the original contentious 96-foot design, though several other commissioners said they would not vote to approve the SLUP under those circumstances.
In order to avoid that or any other unintended outcomes, Zeits is recommending commissioners tonight pass a motion stating that the board has held a public hearing to comply with the Court of Appeals’ order and is taking “no further action because the applicant has abandoned the SLUP application.” Commissioners would not vote on approving the SLUP itself, ensuring the permit would remain voided as originally determined by Rodgers.
Also at tonight’s meeting: City Clerk Benjamin Marentette will present the 2017 City of Traverse City Performance, an annual report compiled by city staff on notable areas of accomplishment and investment each year, and Colburn will present the 2017 Department and Employee of the Year awards. Commissioners will also consider authorizing nearly $26,000 in repairs at the city’s garage, as well as appointing resident Rick Brown to the city’s Parks and Recreation Commission and forming an ad hoc committee to fill a vacancy on the city’s Brown Bridge Advisory Committee.
Posted on December 18, 2017
By Ross Boissoneau | Dec. 18, 2017
You read lots of news here (first) throughout 2017, but much has developed since we first reported some stories. So today and tomorrow (Dec. 18 and 19), we revisit Ticker stories to update them with what’s new.
Rail study to announce results next year
In February we reported on an upcoming passenger rail study that would evaluate the feasibility of running regular train service between Traverse City and Ann Arbor. We’ve now learned that results from that study will be announced by June, according to James Bruckbauer of the Groundwork Center. “The number one (query) from the public was connecting to Traverse City” from the south, says Bruckbauer.
Bruckbauer says the fact the railroads still own the tracks makes it much more possible. “The consultants will help us determine the next steps,” he says, including whether the operating entity should be a for-profit or non-profit and where the train should stop. The tracks go as far north as Petoskey, and go through Kingsley, Cadillac, Clare, Mt. Pleasant, Alma, and Ann Arbor, where they connect with other lines to East Lansing, Port Huron, Detroit and Chicago.
Chorus shows off in Vegas
For the Grand Traverse Show Chorus, the opportunity to perform in Las Vegas was a reward for finishing first in the regionals, which we noted in our October story. “We definitely came home on a high from our experience on the international stage,” says Jill Watson, the group’s director. Though the group achieved the highest regional score among the five finalists, it placed fourth in the finals. The winning group hails from Sweden, according to longtime member Marsha Minervini. She also noted that the competition came just a week after the mass shooting, and the group was among those that sang at various Vegas locales to first responders and others. “We sang in three different places. There were lots of tears and lots of hugs,” she says.
Climbing enthusiasts ready crowdfunding for new facility
Our October story on the purchase of 2.9 acres on M-72 west of Traverse City by Nancy and Larry Bordine earmarked for a climbing facility precipitated great interest among the climbing community. “We have been getting lots of excellent contacts as we travel down this road,” says Nancy Bordine. The group has settled on a slogan, incorporating the newly chosen name for the facility: Myself, My Challenge, MI Summit. The next step, says Bordine, is raising funds and greater awareness of the group’s plans. “We’re collecting information and will soon establish a landing page for crowdfunding,” she says. They will try to raise $250,000 for the building and equipment. Currently there is a 13-member steering committee, which will determine how to move forward and who will be on the board. “The center will be run by the board, which will set its operating procedures.”
Seniors coasting for free on BATA
Kelly Dunham, executive director of BATA, is pleased with the response to its free ride program for seniors. The Ticker reported on the COAST (Commission on Aging Senior Transit) pilot program between BATA and the Commission on Aging last month. The program was unanimously approved for funding by county commissioners, and in the first two weeks provided over 50 rides. “It runs twice a week, and in four days we had a total of 54 rides with 20 unduplicated riders,” says Dunham.
She says the response is in line with what was expected, and she is hopeful the program will continue to see growth. “The first two weeks are a small snapshot,” she says. The program will be reviewed after 30 days by the COA and BATA, and in 90 days by the county commission. Dunham says the ridership has been about evenly split between medical and personal needs, such as shopping. “It’s improved the quality of life,” she says.
Posted on December 6, 2017
By Beth Milligan | Dec. 5, 2017
Independent Bank Corporation (IBC) announced Monday it is acquiring Traverse City State Bank.
According to a press release announcing the news, Traverse City State Bank will be consolidated into the IBC family and operate under the Independent Bank name, along with four other branch locations. At least two senior leaders of Traverse City State Bank – CEO Connie Deneweth and President and CFO Ann Bollinger – will continue on under the reorganization.
In a statement, Deneweth said: “We are very excited to join the Independent Bank family. We share a commitment to community banking, valuing our employees and serving our customers. This combination significantly enhances our capabilities including, larger lending limits, an expanded loan and deposit product mix, and more automated services. We believe this partnership is in the best interests of our customers and shareholders.”
Brad Kessel, president and CEO of IBC, said the deal would strengthen his company’s current franchise and support its “growth in the attractive Traverse City market with full-service banking through five locations.”
“We are excited to welcome the Traverse City State Bank team and together create an even stronger bank for the Michigan communities that we serve,” Kessel said. “We are pleased that Connie Deneweth will continue to lead the northern Michigan market. She is a respected business leader in the Traverse City area who will make a positive contribution to our organization. In addition, Ann Bollinger will lead the development of our wealth management services in Northern Michigan. Connie and Ann have built an exceptional bank with a strong foundation.”
The deal is expected to close in the first part of 2018. Subject to the merger terms, which were unanimously approved by both companies’ boards, Traverse City State Bank shareholders will receive 1.1166 shares of IBC common stock for each outstanding share of TCSB common stock, or 2.71 million shares of IBCP common stock in the aggregate. The transaction is valued at approximately $63.24 million, or 206.4 percent of Traverse City State Bank’s tangible book value as of September 30.