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Public hearing held on Hastings Street Brownfield TIF; neighbors raise plan-change concerns
Summary
Van Buren County’s Brownfield Redevelopment Authority held a public hearing April 10 on a developer’s request to use Brownfield tax-increment financing to install roads, water and sewer for a mixed housing project on Hastings Street.
Van Buren County’s Brownfield Redevelopment Authority held a public hearing April 10 on a developer’s request to use Brownfield tax-increment financing for the Hastings Street project, a mixed housing proposal the developer says would include 66 rental units and 52 single-family homes.
The project’s Brownfield plan would reimburse installation of roads, water and sewer through a TIF capture described in planning documents as roughly $10 million (including interest) and would use the state’s housing TIF provisions, county staff said.
Why it matters: County officials said the state housing TIF program is a new tool aimed at helping housing projects that do not “pencil” under current construction and financing costs. If the Brownfield…
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