[CPEO-BIF] "Taxes to reimburse developer of Tecumseh Products site [Adrian, Michigan)]for brownfield cleanup"

[Lenny Siegel <lsiegel@cpeo.org>]

Taxes to reimburse developer of Tecumseh Products site for brownfield cleanup

By Lonnie Human
Adrian Daily Telegram (MI)
July 19. 2016 2:00PM

For Revival Commons to become a reality, an estimated $77 million must be spent to clean up the former Tecumseh Products site.

The developer, Great Lakes Aerial, would pay for the work up front, but over a 30-year period it could get some of that back. The money from the increase in property taxes paid by the developer would go back to it as an annual check from the city’s Brownfield Advisory Board.

The developer plans to spend $70 million to turn the old Tecumseh Products site into a mixed-use redevelopment with professional, commercial and green space. But first cleanup work — building demolition as well as asbestos and lead abatement and any ongoing work needed to keep the land usable — must be done. Under the plan, the developer is eligible to be potentially be reimbursed for the cleanup work over the next 30 years.
…

For the entire article, see
http://www.lenconnect.com/news/20160719/taxes-to-reimburse-developer-of-tecumseh-products-site-for-brownfield-cleanup

--

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/Fax: 650/961-8918 
<lsiegel@cpeo.org>
http://www.cpeo.org

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