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Kalamazoo staff brief commission on Peregrine Peninsula rehab, requests $756,284 brownfield TIF
Summary
City staff described a proposed conversion of the Peninsula Building into 11 apartments and outlined a request for a $756,284 Brownfield housing tax‑increment finance plan and an existing neighborhood enterprise zone (NEZ) tax abatement to support feasibility and interior remediation.
Jamie McCarthy, the city’s development manager, briefed the Kalamazoo City Commission committee of the whole on Feb. 16 on the Peregrine Peninsula project, a downtown rehabilitation of the historic Peninsula Building on East Michigan/Portage Street. McCarthy said the proposal would convert underused second and third floors into 11 residential units and reopen a restaurant on the first floor as part of the rehab.
Why it matters: McCarthy told commissioners the project would add housing downtown and support local businesses. She said the plan includes affordability commitments: three units at 60% of area median income (AMI) for five years and two units at 80% AMI for 10 years. Staff estimate the property’s taxable value would rise from…
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