Tribe to take ownership stake, prioritize workforce housing, developers say
Developers said the tribe will accept a smaller return and a share of developer fees to secure the project capital, focusing on workforce housing rather than a typical AMI set‑aside; county ownership percentage remains unchanged under the agreed MOU with the Alger County land bank, tribe and Renovare.
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Champions of the project said the tribal partner will take an ownership stake and that the arrangement is structured around workforce housing and political/financing tools the tribe brings to the table. "The tribe is investing in this, mainly for their percentage of ownership, and and smaller return that they'll get, in the project, and it's not ROI based," Shannon Morgan said, adding that the tribe also will accept a portion of the developer fee as its contribution.
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