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Pontiac council backs $106M Exchange Flats redevelopment, requires 20% affordable units at 80% AMI
Summary
After extended debate about scale, parking and guarantees, Pontiac City Council concurred with Oakland County's transformational brownfield plan for a mixed-use downtown redevelopment expected to cost about $106 million and approved a binding affordable-housing agreement requiring 20% of units at 80% area median income, with stiff penalties for noncompliance.
Pontiac City Council voted Oct. 8 to concur with the Oakland County Brownfield Redevelopment Authority’s plan for the Exchange project — a mixed-use redevelopment that combines renovation of the Oakland Press building, a not-for-profit community hub at 91 North Saginaw ("El Centro") and the new Exchange Flats, a 287-unit apartment building — and approved an affordable-housing agreement tied to the project.
Developer representatives said the three-building package would total about $105–106 million and rely on a state transformational brownfield tool that captures state-level tax revenues (including withholding and sales tax increments) to fill financing gaps that lenders…
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