Stories indexed with the term ‘brownfield grant’

Ann Arbor DDA OKs 618 S. Main Grant

At its June 6, 2012 meeting, the Ann Arbor Downtown Development Authority authorized a grant to the 618 S. Main project, totaling $650,000 over four years. The vote was unanimous.

The grant assumes that the amount of additional tax increment finance (TIF) revenue that the DDA would capture as a result of completed construction of the project would be $250,000 a year. The money is granted to pay for streetscape improvements on Main  and Mosley streets, and the upsizing of the water main under Ashley Street to a 12-inch main. The originally-proposed grant totaled $725,000, but that amount was reduced through amendments made at the board meeting, which eliminated bank carrying costs as an expense to be covered. Another amendment reduced … [Full Story]