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Allegan council adopts Brownfield/TIF plan for 42-home River Ridge Village at 500 Delano
Summary
The Allegan City Council adopted Resolution 25-07 on Feb. 24, approving a brownfield plan and tax-increment financing for a proposed 42-unit River Ridge Village at 500 Delano Street; the developer estimates about $12.6 million in investment with roughly $4.4–4.5 million captured for eligible reimbursements over ~25 years.
The Allegan City Council voted to adopt a brownfield plan and associated tax-increment financing for a 42-unit single-family development called River Ridge Village at 500 Delano Street. The council approved Resolution 25-07 after a presentation by city staff and the developer.
Joel, the city staff presenter, said the developer would invest "over approximately $12,600,000" and that "4,400,000.0 some change is gonna be captured and reimbursed back to the developer through the Brownfield tax increment financing plan." He added the state would capture roughly $380,980.00 of…
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