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Van Buren County commissioners back Brownfield plan for Hazen Street housing project, set public hearing
Summary
The county commission approved a recommendation from the Brownfield Redevelopment Authority to support a $30.3 million housing project on Hazen Street and set a public hearing for April 10. The plan would use Act 381 tax-increment financing and increase the allowable interest rate in the BRA policy from 3% to 4.5% for this project.
Van Buren County commissioners voted to forward a recommendation from the Brownfield Redevelopment Authority (BRA) approving a Brownfield Redevelopment Plan for a housing project on Hazen Street and set a public hearing on the plan for April 10 at 12:50 p.m.
The project developer plans a $30,300,000 development that includes 66 multifamily rental units and 52 single-family homes. Under the draft plan, local and state tax increment financing (TIF) captures would total about $9,900,000 (approximately $8.1 million local, $1.8 million state). County staff said, because of the project scale, the TIF payback period would likely be about 12 years though the state permits up to 30 years, and the BRA may capture additional local TIF for five extra years to generate roughly…
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