Coldwater authority backs Carriage Circle housing plan, recommends city hearing

The Coldwater Brownfield Redevelopment Authority voted unanimously June 30 to recommend a Brownfield plan for the Carriage Circle housing redevelopment and asked city council to set a public hearing.

The plan presented by developer Redstone Group and consultant Michigan Growth Advisors proposes 228 rental units, a mix of two- and three-bedroom apartments, and requests use of Brownfield tax increment financing (TIF) to reimburse roughly $19,000,000 in eligible activities — including about $1.6 million of infrastructure work and a roughly $14.5 million “gap subsidy” the developer said is needed to support affordable rents. Joe Gastinelli, managing director of Michigan Growth Advisors, told the board the plan proposes that about 30% of units (about 68 units) be income-restricted to an average of 90% of area median income (AMI).

The recommendation approved by the Brownfield authority forwards the plan to Coldwater city council for the statutorily required public hearing and notice to taxing jurisdictions. If council approves, the developer must execute a reimbursement agreement with the authority and submit an Act 381 work plan to the…