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Brownfield plan for 500 Delano previews $12.6M development and TIF reimbursement
Summary
City staff previewed a Brownfield/TIF plan for a 42-unit housing development at 500 Delano with a total project investment of about $12.6 million; the plan would allocate roughly $4.4 million in TIF reimbursements and return about $1.5 million to the city over the TIF life. A public hearing is scheduled for Feb. 24.
Allegan — City staff gave a preview of a Brownfield redevelopment and tax‑increment financing (TIF) plan for a proposed housing project at 500 Delano Street that the Brownfield Redevelopment Authority approved for referral to council.
City Manager Joel described the overall numbers in the developer’s plan: a total project investment of approximately $12.6 million; the Brownfield TIF is projected to capture roughly $4.4 million to reimburse eligible redevelopment expenses; the state share was estimated at about $398,000 and the city’s portion of tax increment roughly $1.5 million over the plan term. Joel said the plan proposes 42 units of housing with about five rental units targeted to households at roughly 120% of area median income (AMI), referencing a state law mechanism to support rental affordability in Brownfield plans.
Staff emphasized this was a preview so councilors would have time to review the thick plan and come prepared for the formal public hearing at the Feb. 24 meeting; staff said water and wastewater plans had been submitted and the state had already approved the water plans. Joel invited council members to submit written questions in advance; developer and consultant representatives are scheduled to appear at the Feb. 24 hearing.
Council members asked for further explanation of the rental subsidy mechanism and staff offered to provide a highlighted section of the plan and, if needed, to invite subject‑matter experts to the public hearing.
