A hearing is set for Aug. 1, 2012 to get public input on a brownfield financing plan for a residential development at 618 S. Main St. in Ann Arbor. The hearing will take place at the Aug. 1 meeting of the Washtenaw County board of commissioners. The vote to set the hearing was made at the board’s July 11 meeting.
Previously approved by the Ann Arbor city council on June 18, the project’s brownfield tax increment finance (TIF) plan works in conjunction with a $650,000 TIF grant (paid over a period of four years) awarded by the Ann Arbor Downtown Development Authority board at its June 6, 2012. Both the brownfield TIF and the DDA TIF work in a similar way. The developer must build the project and pay the new taxes on the project, then receive reimbursement for eligible expenses. The brownfield plan includes developer reimbursements of $3.7 million over 21 years.
Work covered by the brownfield plan includes: site investigations for characterization of soils and dewatering if water is encountered during excavation; disposal of soils; demolition of buildings and removal of existing site improvements; lead and asbestos abatement; infrastructure improvements like water, storm sewer and sanitary sewer upgrades, street repair and improvements to streets; and site preparation like staking, geotechnical engineering, clearing and grubbing.
This brief was filed from the boardroom of the county administration building at 220 N. Main in Ann Arbor. A more detailed report will follow: [link]