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Zeeland authority approves 17 E. Main development and reimbursement agreement, including planned snowmelt system funding
Summary
The board approved a Development and Reimbursement Agreement with 17 E. Main, LLC authorizing developer reimbursement up to $671,900 (estimated paid in ~14 years) and noting the city will seek $2,000,000 in collections to help fund a public snowmelt boiler system, with state and administrative deposits estimated.
The Zeeland Brownfield Redevelopment Authority on Oct. 13 approved a Development and Reimbursement Agreement with 17 E. Main, LLC that authorizes developer reimbursement not to exceed $671,900 for eligible activities such as environmental assessment, demolition, Brownfield Plan amendment and infrastructure to support housing.
Board members and staff discussed timing and funding mechanics. The authority noted the developer’s reimbursement is expected to be recovered over roughly 14 years; the city also plans to seek collections totaling $2,000,000 to partly fund a public snowmelt boiler system to be installed in the basement of 17 E. Main, with collections estimated in years 14–30 of the Brownfield Plan. Under the proposed terms the agreement would deposit about $214,000 into the State’s Brownfield Fund and approximately $65,097 into the Brownfield Authority’s fund for administration of agreements.
The motion to approve the agreement was made by Beth Blanton and seconded by Tim Maday; the motion carried with all members present voting aye. The minutes do not specify the precise timeline for developer reimbursement disbursements or the mechanics by which the city will secure the $2,000,000 collections, only the estimated timing windows recorded in the meeting.
