Title
Resolution to Approve Packard Square Redevelopment Project Brownfield Plan, 2502-2568 Packard, Ann Arbor, MI (BRC Recommendation: Approval - 3 Yeas and 0 Nays)
Memorandum
Attached is a resolution to approve the Packard Square Redevelopment Project 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 Plan Review Committee, at its meeting of April 25, 2011 recommended approval of this request.
Petition Summary:
· The overall investment for this project is approximately $48.2 million. The Brownfield Plan’s eligible activities total $2.82 million, plus interest at 5%. Some of the eligible activities include site preparation, demolition, infrastructure improvements including Footing Drain Disconnects and Sanitary Sewer upgrades, and remediation of an abandoned dry cleaning site.
· The property qualifies for Brownfield financial incentives because the site is a facility pursuant to the Brownfield Redevelopment Act.
· The owners also intend to apply for a Michigan business tax credit.
· The related Packard Square Redevelopment Site Plan is also being considered by City Council on May 2, 2011.
The Brownfield Plan Review Committee reviewed several approached to remediation at the site and is recommending a Brownfield Plan where the developer removes all contaminated soils to the 10-5 level and installs a vapor barrier and passive ventilation system. The Brownfield Review Committee, after hearing from city staff, MDEQ staff, and environmental consultants, decided that alternate scenarios to remove additional soils to the 10-6 level provided minimal protective benefits to the site occupants and neighbors for the additional $3.4 million in Brownfield Tax Capture, interest, and other costs. The committee a...
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