Council approves amended Brownfield plan and commercial rehab exemption for Village at the Park project
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Summary
The Warren City Council approved a Brownfield amendment and a commercial rehabilitation exemption for VIP Homes' Village at the Park, a planned 138-unit apartment project at 8525 Cole. The developer will assume some demolition reimbursement costs and agreed to a city share of tax increment financing.
The Warren City Council voted to approve an amended Brownfield plan (Amendment No. 4) and a commercial rehabilitation exemption certificate for Village at the Park, a proposed 138-unit apartment complex at 8525 Cole Street.
City attorney's office staff summarized the change as an assignment of the previously approved Brownfield from the former owner to VIP Homes (Village at the Park LLC), with only minor infrastructure adjustments in the amendment. The developer agreed to maintain a 30% city administrative fee, a 20% share of the TIF for the city and a 10% administrative fee; the amendment reduced the previously estimated reimbursement total from more than $8 million to approximately $7,000,834,163 (figure as stated in the petition documents).
Vito Castellana, representing the petitioner, told council the project remains four buildings with 138 units (46 one-bedroom and 92 two-bedroom units) and that the developer expects rents to meet workforce housing standards (one-bedrooms around $1,300; two-bedrooms $1,700'$1,800), targeting roughly 80% AMI. He said a traffic study had been completed and that the site will provide 285 parking spaces for the 276 spaces required.
Council members asked about assigned demolition costs from the prior owner: Mary Michaels of the city attorney's office explained Cole Street Investments LLC (Schaefer or Colt Street Investments in the record) demolished the former Heartsick Junior High, submitted remediation and demolition costs but was not reimbursed because no incremental taxes had yet arisen; under the amended agreement the costs were assigned to VIP Homes and will be eligible for reimbursement through the Brownfield arrangement once incremental taxes become available.
The public hearing drew no public speakers, the council approved the Brownfield amendment and then separately approved the commercial rehabilitation exemption certificate. Both motions carried on recorded votes.
