[CPEO-BIF] Warren, MI --- Tax subsidy debated for greyfield redevelopment

["Robert Hersh" <b_hersh@verizon.net>]

Universal Mall may be demolished

Company plans to build new shopping center.

By Norb Franz
Daily Tribune
5/28/07

Warren, MI
A struggling landmark shopping mall in Warren could be demolished and
replaced with a new commercial center as early as next spring. Universal
Mall would be razed under a proposed "brownfield" plan that would involve
local government financing if state officials approve the arrangement.

..Three years ago, city officials deemed the mall obsolete and approved a
brownfield plan for the property. However, state officials rejected the
application and Universal Properties LLC's request for a Single Business Tax
credit.

Under the Brownfield Redevelopment Financing Act, companies that remediate
polluted or distressed sites for redevelopment qualify for special financing
and tax relief. The 1996 state law defines a brownfield as contaminated,
functionally obsolete or blighted property in a distressed area needing
redevelopment or environmental remediation.

The company recently convinced Warren officials to OK an amended brownfield
proposal in an effort to gain "tax increment" financing for the
redevelopment....Mike Wiecek, the lone council member who voted against the
brownfield application, said he hoped Universal Mall can be improved but
doesn't want tax revenue overseen by Warren's semi-autonomous Brownfield
Redevelopment Authority board.

For the entire article, see:
http://www.dailytribune.com/stories/052807/loc_mall001.shtml

Bob Hersh
CPEO


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