Together West Michigan, a citizen’s coalition, held a press conference before the Tuesday evening city commission vote on a tax incentive package to subsidize the $797 million-dollar Three Towers project proposed at Fulton Street West and Market Avenue SW on the former Charley’s Crab restaurant site.
Fulmer Property Holdings is asking for $565 million in tax revenue to reimburse 71% of the cost of the project through the Transformational Brownfield Program.
Developers would pay $8.5 million into the city’s affordable housing fund over 20 years, or approximately $425,000 per year.
Together West Michigan leaders say at that rate, the contribution would offer little to fill the critical need for housing in Grand Rapids.
Third Ward City Commissioner Kelsey Perdue agrees with those objections and spoke to WGVU News ahead of the final vote.
“I’ve said from the beginning, how might we get a better deal? There is no perfect one. We weren’t looking for perfection, but we were looking for a good faith effort to move the needle in a way that ensures this project remains feasible while also ensuring public benefit for public financing.”
Perdue added she continues to support good development in the city and believes there is more opportunity in this project that will benefit residents, particularly in construction and future jobs.
