At its April 20, 2011 meeting, the Washtenaw County board of commissioners gave initial approval to a brownfield plan amendment for the BST Investments redevelopment project, located at 2810 Baker Road in Dexter. The meeting also included a public hearing on the project – no one spoke during the hearing. The project involves demolishing three buildings on the site and constructing a new commercial complex of three buildings. The $14 million project is estimated to retain 40 jobs and add 80 new jobs.
The revised plan was previously approved by the Washtenaw County brownfield redevelopment authority at its March 10, 2011 meeting, when the authority also approved an interlocal agreement to transfer tax increment financing (TIF) revenues from the Dexter Downtown Development Authority. The amended plan was approved on Feb. 28, 2011 by the Dexter Village Council.
An estimated total of $312,000 in local and state taxes will be captured for eligible activities, administrative costs, and the Washtenaw County Brownfield Redevelopment Authority Local Site Remediation Revolving Fund over a projected four-year period. Of this total, $24,000 will be used for the county brownfield program’s administrative fees, and $48,000 will go into the Local Site Remediation Revolving Fund. After the project is completed and all TIF activities are fulfilled, an estimated increase of $162,103 annually would be distributed among the Dexter DDA and other taxing jurisdictions. According to a memo accompanying the resolution, the Washtenaw County annual millage payment from the property would increase from roughly $5,397 to $14,222.
This brief was filed from the boardroom in the Washtenaw County administration building, 220 N. Main St., Ann Arbor. A more detailed report will follow: [link]