The company earned special use approval from the council at a recent meeting.
Repayment will be made from recaptured incremental tax revenues on the property. The developer will demolish buildings on the site and clean it and get repaid by the city from the city's brownfield authority.
The city is one of the first in Oakland County to successfully use the brownfield options provided by the state to turn a contaminated site around into a successful project. Similar projects are planned in Royal Oak, Pontiac and Walled Lake.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.