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Bay County commissioners approve Brownfield plan to support $15 million Bay Valley Resort rehabilitation
Summary
The Bay County Board of Commissioners voted unanimously March 25 to adopt a Brownfield plan and use a tax-increment financing mechanism to help cover demolition, asbestos and mold remediation as part of a proposed $15 million rehabilitation of the Bay Valley Resort and Conference Center in Bay City.
The Bay County Board of Commissioners voted March 25 to adopt a Brownfield Plan for the Bay Valley Resort and Conference Center at 2470 Old Bridge Road in Bay City, authorizing capture of future property tax increments to help cover demolition, asbestos abatement and mold remediation tied to a proposed private redevelopment.
The plan is intended to help finance rehabilitation work tied to a planned $15,000,000 private investment by StoryCo and partners to restore the property to a full 147-room resort with restaurants, 14,000 square feet of meeting space and an 18-hole golf course. "This is a big project and there's a big need here," Nathan Nichols, founder of StoryCo, said during the public hearing.
Why it matters: county officials and the developer said environmental remediation costs and building repairs are critical to securing private financing. Jacob Everett, representing the developer team, told the board lenders underwriting the project have required the Brownfield TIF as part of the financing package; one lender conditioned participation on a $1,000,000 cash collateral requirement. "The bank that is at the table today is requiring a million dollars of cash just to collateralize and reduce the risk in the project," Everett said.
Developer and technical details: Nichols described the current condition of the property, saying roughly 50 rooms remain operable, with many rooms gutted and others out of service. He recounted visible water intrusion, mold in utility areas and asbestos in piping that will require remediation. He said StoryCo and financial partners view the project as a full rehabilitation back to a 147-room resort product and upgraded golf course. "Everything a guest would experience, see, or touch, is going to be renovated and refreshed," Everett said, outlining planned investments in guest rooms, common areas, the restaurant and the golf course.
The Brownfield plan submitted to the board lists eligible expenses that include demolition, asbestos abatement and mold remediation. StoryCo added that its current financing package assumes use of the Brownfield TIF; Jesse (commissioner, last name not specified) asked whether the developer's funding was a firm commitment contingent on TIF approval. Nichols replied, "That's correct. It is an actual hard commit, though. It's not like a we're getting this and then we're going to go search for lenders." The developer also said the project budget includes contingency funds for unforeseen conditions.
Board action and next steps: After a public hearing and questions from commissioners, the board adopted Resolution No. 2025-550, "Bay Valley Resorts Brownfield Plan," with a motion moved by Commissioner Begich and no recorded opposition. The plan's use of tax-increment revenues will be part of the project's financing package; developers and lenders still must complete loan closing and contract details before construction begins.
The board did not set a construction start date during the meeting and did not instruct staff to take additional steps beyond adopting the Brownfield plan. Technical and legal advisors on the project include SME (engineering) and the county attorney, who were present to answer questions about the plan.
Ending: The resolution clears a key local approval step for the developer's rehabilitation plan but leaves outstanding financing, permitting and remediation work that must be completed before the resort reopens.
