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Mount Clemens approves agreement tying $20.7 million state allocation to downtown housing project
Summary
The City Commission approved an amended operating agreement with Manchester Mount Clemens LLC that links a $20,705,000 Michigan State Housing Development Authority allocation to a 100-unit downtown project; the city will retain an 8% equity stake and officials said taxpayers face no additional liability.
Mount Clemens City Commissioners voted to approve an amended and restated operating agreement with Manchester Mount Clemens LLC that would commit up to $20,705,000 — contingent on receipt of funds from the Michigan State Housing Development Authority — toward a planned downtown housing project and secure an 8% ownership interest for the city.
The commission approved the measure after a presentation from city staff and the developer’s representative, and after commissioners…
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