Title
Resolution to Approve the Broadway Park Redevelopment Brownfield Plan (BRC Recommendation: Approval - 4 Yeas and 0 Nays)
Memorandum
Attached is a resolution to approve the Broadway Park Brownfield Plan. Approval of this resolution will allow the Brownfield Plan to advance to the Washtenaw County Brownfield Redevelopment Authority (WCBRA), to authorize Tax Increment Financing (TIF) to reimburse the developer for the eligible activities identified within the Plan.
The Brownfield Review Committee, at its meeting of May 29, 2019, recommended approval of this request.
Petition Summary:
? The developer proposed a multi-use redevelopment of the 13.8 acre site, including residential condominium, restaurant, hotel and retail. The majority of the site (8 ac) will be reserved for outdoor recreational uses, including a 8,000 s.f. all-season pavilion. The balance of the site will be developed with approximately 20,000 s.f. of retail/restaurant, 104 for-sale condominiums, and a 276 space parking deck, 50% of which will be reserved for public use.
? The parcel proposed for redevelopment was historically occupied by a manufactured gas plant owned by Michcon/DTE. DTE currently owns the site and is considered a Liable Party that is responsible for the environmental conditions. The Michigan Department of Environment, Great Lakes, and Energy (EGLE, formally MDEQ) and DTE have agreed to additional environmental response and long-term Due Care responsibilities. The developer is proposing additional eligible brownfield activities in order to raise the site to higher clean-up standards required for the proposed uses. These additional activities are not required by the Liable Party to comply with its minimum legal obligations. Any and all Liable Party activities are not part of the Brownfield Plan and will not be reimbursed.
? The overall private investment is estimated at $70,500,000 by the petitioner, and a total of $100,000,000 is estimated when hotel and retail pads ...
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