Council approves tax abatements and exemption certificates for relocating manufacturer; brownfield TIF to follow

The Wyoming City Council on March 6 approved a recommendation to grant two industrial facilities exemption certificates and 12-year tax abatements for a project described in the record as "leading manufacturing," which proposes to relocate from Grand Rapids to Wyoming and bring 60 existing jobs plus six new positions and about $0.9 million in private investment.

City staff told the council that under the city's tax-abatement policy the renovation of an existing building and a proposed 30,000-square-foot addition would each be eligible for a 12-year abatement. The council was also told that a brownfield tax-increment financing (TIF) plan connected to the site would be presented at a later meeting and that the combined long-term payoff to the city was projected to exceed the revenue the city would receive if the site remained vacant.

Officials provided fiscal estimates as transcribed: current city property tax receipts from the site were described as about $22,000 per year now, with estimates that at plan expiration the city could be receiving roughly $13,000 per year (as transcribed). Council members asked about cash flow, short- and long-term impacts and neighborhood reaction; staff reported they held prior public hearings and work-session discussions and that a public hearing on the brownfield plan will follow.

Council members who had reviewed the project at work sessions said they were satisfied that the structure would avoid blight and accelerate site reuse. The resolution passed on a roll call (voice vote recorded in the meeting). The brownfield TIF plan and related final documents will return for council consideration at a later meeting.

Next steps: staff will bring the brownfield TIF plan to the council for consideration and public hearing at an upcoming meeting.