City Council Approves Public Hearing for Leo's Building Tax Abatement Proposal

During the recent Planning Commission meeting in Petoskey City, significant discussions centered around the redevelopment of the historic Leo's Building, which has garnered attention due to its potential impact on the local community. The meeting highlighted the approval of a public hearing aimed at gathering community input on creating an obsolete property tax abatement for the project. This initiative is part of a broader effort to revitalize the area and stimulate economic growth.

The redevelopment plan involves a substantial private investment of approximately $4.8 million, which includes the use of a historic investment tax credit. The property owner, who presented the project details, indicated that the redevelopment would feature a mix of commercial and residential spaces. Specifically, the first floor is set to house a restaurant, while the second floor will be converted into apartments. Additionally, the lower level will include cold living space, with plans for an elevator to improve accessibility.

A critical aspect of the project’s success hinges on securing funding from the Michigan Economic Development Corporation (MEDC). The property owner acknowledged that the financial structure of the project is tight, emphasizing the importance of obtaining this funding to move forward. The discussions at the meeting underscored the community's interest in the redevelopment, as it promises to enhance local amenities and potentially increase housing options in the area.

As the project progresses, the Planning Commission will continue to monitor developments and community feedback, ensuring that the revitalization aligns with the needs and expectations of Petoskey residents. The anticipated public hearing will provide an opportunity for residents to voice their opinions and contribute to the planning process, reflecting the city's commitment to inclusive development.