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Developer previews 85-unit Block M mixed-income project, seeks $5 million in TIF and other incentives
Summary
City staff and a developer previewed an 85-unit mixed-use, mixed-income project adjacent to Bronson Hospital and described a draft incentive package that includes a roughly $5 million brownfield TIF plan, a Neighborhood Enterprise Zone abatement and a Housing Development Fund loan; a brownfield public hearing is scheduled this week and Commission action is expected April 6.
A developer and city staff on March 16 presented a preview of an 85-unit mixed-use, mixed-income project (Block M) adjacent to Bronson Hospital and outlined the public incentives they will request, including a draft $5 million brownfield tax increment financing (TIF) plan, a Neighborhood Enterprise Zone (NEZ) tax abatement and a Housing Development Fund (HDF) loan.
Jamie McCarthy, the city’s development manager, told the Committee of the Whole that the draft brownfield plan under consideration would be "about a $5 million tax increment financing plan" split roughly into "1.8 million in gap financing" to lower rents for targeted workforce units and "just over 3.2 million" for hard brownfield/site work such as demolition, lead and asbestos abatement and infrastructure.
The development team described the project as a mixed-use, mixed-income building with 85 residential units (18…
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