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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