The 12-building development proposes 141 rental units along with 4600 square feet of retail space on the first level.
Terra Station Ventures LLC requested use of state legislation passed in 2023 that allows for brownfield tax increment financing, or TIF, to be used to reimburse developers for certain housing developments.
Brownfields are idle, underutilized, or vacant industrial or commercial properties.
The project developer, Veneklasen Construction, will receive reimbursements of over $4.3 million in eligible costs from property taxes paid annually over 16 years. This TIF is the first Brownfield Redevelopment Plan approved in Ottawa County that authorized reimbursements for housing development activities.
Veneklasen is required to reserve some rental units at rates for workforce housing. This means that 35 apartments would be available for individuals making just over $57,000 annually or families making just over $82,000 annually.
The final step will be submission of the Brownfield Plan Amendment to the Michigan State Housing Authority for review and approval.
