The council ended nearly two years of research and debate over how to revitalize the 6.4-acre site at Broadway and Maiden Lane by rezoning the parcel to mixed residential and commercial use, and by approving a site plan that includes retail, hotel, office and residential space. They also approved a brownfield plan that makes the site eligible for state funds to assist the cleanup of land contaminated by a previous owner.
The Washtenaw County Brownfield Redevelopment Authority, the county Board of Commissioners, the Michigan Department of Environmental Quality and the Michigan Economic Growth Authority must also approve the project before construction begins.
The resolution approving the site plan calls for a development agreement to address the clean-up, a tax increment financing plan associated with it, and other details including utilities, street changes and affordable housing provisions.
The developers want $40 million in TIF money to help pay for the project, and city officials have said they would issue bonds for a portion of it to be repaid by the new property taxes generated from the new buildings.
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