[CPEO-BIF] Traverse City (MI) brownfield designation increases value

[Lenny Siegel <lsiegel@cpeo.org>]

Brownfield tag increased value of TC properties

By BRIAN McGILLIVARY
Traverse City Record-Eagle (MI)
August 4, 2006

TRAVERSE CITY - The state's designation of a portion of West Front 
Street as a contaminated "brownfield" significantly boosted the 
properties' market value for its then-owner, the Harry Calcutt Trust.

Ten months after the state granted a brownfield designation in 2002, the 
Calcutt Trust listed properties that had sat vacant since 1997 for $5.6 
million. The largest of the three parcels, 305 W. Front St., was listed 
for $2.75 million - two-and-a-half times the sale price just five years 
earlier.

Experts differ on the value of a brownfield designation, but a state 
economic development official said it could have been worth as much as 
$2.8 million to the Calcutt Trust.

A brownfield designation "absolutely" increases the value of a property 
because state money is guaranteed, said Jean Derenzy, director of the 
Grand Traverse County Brownfield Redevelopment Authority, which oversees 
local brownfield projects.

...

For the entire article, see
http://www.record-eagle.com/2006/aug/04brownfield.htm

--
Lenny Siegel
Director, Center for Public Environmental Oversight
c/o PSC, 278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
http://www.cpeo.org

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