City Council reviews Woda Cooper proposal for 75 Scott Street; council approves county parking purchase and several related measures

Woda Cooper Companies presented plans to redevelop the former City of Monroe Central Fire Station site at 75 Scott Street into a three‑story, 46‑unit residential building, and city staff outlined next steps including zoning amendments, a PILOT request and a potential special council meeting in late September.

The project, Woda Cooper said, would place a three‑story elevator building at the corner of Scott and First streets with parking in the rear accessed from the alley. The company described the proposal as 23 one‑bedroom units and 22 two‑bedroom units, community amenities such as a rooftop terrace, community room, fitness center and playground, and a property manager’s office. “We are long term owners. We want to be a part of the community, build a partnership with you, and ensure that what we’re proposing here really meets the needs of the community,” said Clay Cooper of Woda Cooper Companies.

Why it matters: Woda Cooper plans to rely on low‑income housing tax credits administered by the Michigan State Housing Development Authority (MSHDA) for financing, which makes the city’s willingness to provide a payment in lieu of taxes (PILOT) and timely local approvals a competitive factor for scoring the state application. Company representatives said the application deadline to MSHDA is Oct. 1 and that a favorable local package would increase their scoring prospects.

Project finance and rents: Presenters described a financing stack built around tax‑credit equity (stated as roughly $13.4 million), a permanent first mortgage of about $975,000, a deferred developer fee of roughly $476,000, construction costs in the neighborhood of $9.9 million, soft costs about $2.7 million and an overall development cost estimate…