Title
Resolution to Approve the 309 N. Ashley Brownfield Plan (BRC Recommendation: Approval - 4 Yeas and 0 Nays)
Memorandum
Attached is a resolution to approve the 309 N. Ashley 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 March 25, 2019, recommended approval of this request.
Petition Summary:
* The overall private investment is $17,145,754. The Brownfield eligible activities include $2,039,022 in developer-reimbursable costs, limited to Environmental Activities only, and $700,000 in annually LBRF and/or Administrative Fees.
* The BRC recommendation includes a condition that total tax capture be limited to 12 years, and if the Plan extends to the maximum 12 years, that LBRF and/or Administrative fees capture be prioritized over developer reimbursement.
* The four parcels involved are eligible for Brownfield Tax Increment Financing (TIF) as they are either a Facility, or Adjacent and Contiguous to a Facility, as defined by Part 201 of Michigan's Natural Resources and Environmental Protection Act. The developer is not liable for the contamination and therefore is not a Liable Party. No Viable Liable Party exists for the historic contamination.
* The 309 N. Ashley Site Plan is also being considered by City Council on May 6, 2019
Upon a favorable recommendation by the City Council, the resulting Brownfield Plan will be forwarded to the Washtenaw County Brownfield Redevelopment Authority and Washtenaw County Board of Commissioners for final consideration and action.
Attachments: 309 N. Ashley Brownfield Plan Staff report to the BRC dated 3-25-19
309 N. Ashley Brownfield Plan dated 4-5-19
Staff
Prepared by: Nathan Voght, Washtenaw County Brownfield Redevelopment Coordinat...
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