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Authority signs off on M Village work plan; tax increment foregone by corridor authority
Summary
The board approved a work plan and authorized execution of a development and reimbursement agreement for the M Village redevelopment, which will build 20 for-sale units in phase one and later up to 51 multifamily units; the Southtown Corridor Improvement Authority agreed to forego about $50,000 a year in tax increment for 25 years.
The Brownfield Redevelopment Authority approved a work plan and authorized execution of a development and reimbursement agreement for the M Village redevelopment at 1865 Eastern Avenue Southeast and 716 Elliott Street Southeast.
Mackenzie (BRA staff) described the first phase as construction of 10 duplexes (20 for-sale units) built to Energy Star standards; total project costs for phase one are about $7.8 million and construction is expected to begin later this summer with completion about a year later. A second phase could add a multifamily building of up to 51 units in a later phase.
Mackenzie said the Southtown Corridor Improvement Authority at its June 11 meeting agreed to forego 100% of its tax increment for this project — roughly $50,000 a year — for the 25-year Brownfield plan period. Approval at the BRA allows staff to execute the Act 381 work plan and send materials to the Michigan State Housing Development Authority for review.
The board approved the work plan by voice vote.
