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Sterling Heights council approves transformational brownfield plan for Lakeside City Center
Summary
The council unanimously adopted a transformational brownfield Act 381 TIF resolution for the Lakeside City Center, authorizing an initial phase that requests $270 million in tax-increment financing and sending the state portion to the Michigan Strategic Fund on June 23. Developers and staff said the project will include housing, retail and public infrastructure.
Sterling Heights’ City Council voted unanimously to approve a transformational brownfield tax-increment financing (TIF) plan for the Lakeside City Center redevelopment, moving the project to the Michigan Strategic Fund Board for state-level approval on June 23.
The resolution covers an initial development phase that officials described as roughly 1,300 multifamily units, 180 independent-living units and about 150,000 square feet of retail. Senior economic development advisor Luke Bonner summarized the fiscal structure, saying the initial phase requests $270,000,000 in combined tax-capture financing and outlining separate city and developer bonding plans.
Developer…
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