At its May 4, 2011 meeting, the Washtenaw County board of commissioners postponed action on approval of a $1 million grant application and $1 million loan from the Michigan Dept. of Natural Resources and Environment, for brownfield cleanup at the proposed Packard Square development in Ann Arbor. The board had also been asked authorized designation of the county’s full faith and credit as a guarantee to any loan that might be awarded, up to $1 million. Commissioner Wes Prater requested that the board first discuss this proposal at a working session – it will be added to the agenda for the Thursday, May 5 working session. Voting in favor of postponement were Prater, Alicia Ping, Ronnie Peterson, Rob Turner, Kristin Judge and Rolland Sizemore Jr.
According to a staff memo, the proposed plan includes $5.8 million of eligible tax increment financing (TIF) activities, captured over a 14-year period. This total includes an estimated $4.3 million of reimbursable brownfield activities, $358,222 of Washtenaw County brownfield program administrative support, and an estimated $1.1 million deposit into the county Local Site Remediation Revolving Fund. The project is expected to increase the taxable value of the property by an estimated $7.3 million – that’s an increase of about $500,000 in additional tax revenue to several taxing jurisdictions after the TIF repayment period.
The site plan for Packard Square was approved by Ann Arbor city council on Monday, May 2. The development, located at the site of the former Georgetown Mall, would include 230 apartment units, 23,790 square feet of retail space, 454 parking spaces and stormwater detention facilities.
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]