[CPEO-BIF] Tax-increment adjustment, Farmington, Michigan

[Lenny Siegel <LSiegel@cpeo.org>]

Drop in Property Values Affects Brownfield Project
A request for a lower taxable value by TCF Bank will slow  
reimbursement for cleanup costs.

By Joni Hubred-Golden
Farmington Patch (MI)
February 22, 2011

Farmington officials on Monday approved financial reports for two  
Brownfield Redevelopment Authority projects, including one amended  
report that was affected by a drop in the property's taxable value.

The city created the taxing authority in 2002; it allows officials to  
capture the increase in property taxes generated when a site that  
requires extensive cleanup is developed. Those funds are then used to  
reimburse cleanup costs.

Reports for both TCF Bank at 9 Mile and Farmington roads and Flagstar  
Bank at Orchard Lake Road and Grand River Avenue were approved. But  
the TCF report included an addendum necessitated by a decision by the  
city's tax tribunal, City Manager Vince Pastue said.

...

For the entire article, see
http://farmington-mi.patch.com/articles/drop-in-property-values- 
affects-brownfield-project

--

Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org

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