Farmington To Hold Meeting On Brownfield Redevelopment Plan

Press release from The City of Farmington:

NOTICE OF PUBLIC HEARING TO TAXING JURISDICTIONS

THE CITY OF FARMINGTON INTENDS TO HOLD A PUBLIC HEARING FOR ADOPTION OF A BROWNFIELD REDVELOPMENT PLAN FOR THE PROPERTY LOCATED AT 33335 GRAND RIVER AVENUE FARMINGTON, MICHIGAN 48336. This meeting will take place on July 20, 2020 at 7 p.m. Information on how to attend via ZOOM will be posted shortly.

The City Council of the City of Farmington has established a Brownfield Redevelopment Authority (the Authority) in accordance with the Brownfield Redevelopment Act, Act no. 381 of the Michigan Public Acts of 1996, as amended (Act 381).

Act 381 was enacted to provide a means for local units of government to facilitate the revitalization of a facility or a site or property as those terms are defined in part 213, historic resource, functionally obsolete, or blighted areas. The Authority Board will consider adoption of a Brownfield Plan for the property located at 33335 Grand River Avenue Farmington, Michigan 48336 (the Property). The Property has been determined to be functionally obsolete. The City Council of the City of Farmington must approve the Brownfield Plan.

This communication serves to notify affected taxing jurisdictions of the City's intent to approve a Brownfield Plan for the Property.

Act 381 permits the use of tax increment financing in order to provide the Authority with the means of financing redevelopment projects included in a Brownfield Plan. As provided in Act 381, tax increment financing allows the Authority to capture tax revenues attributable to increases in the taxable value of real and personal property located on an eligible property, which may include certain adjacent or contiguous parcels. Increases in taxable value may be attributable to various factors, including new construction, rehabilitation, remodeling, alterations, additions and the installation of personal property on an eligible property.

The Property is located in the City of Farmington’s Downtown District and the Farmington Downtown Development Authority (FDDA) captures tax increment revenues generated by the levy of certain taxes on parcels within the Development Area pursuant to the 2008 Amended and Restated Development Plan and Tax Increment Financing Plan, as adopted by the Farmington City Council on November 3, 2008, together with the 2009 Amended Plan (collectively referred to herein as the “FDDA Plan”), and as permitted under Act 57; and
The Brownfield Plan as presented for adoption proposes, in accordance with Act 381, that eighty-five (85%) of the tax increment revenues captured by the FDDA on the Property pursuant to the FDDA Plan as authorized by Act 57 (the “Tax Increment Revenues”) shall be transferred to the Farmington Brownfield Redevelopment Authority to reimburse the costs of eligible activities and other reimbursable costs as identified in the Brownfield Plan and as permitted under Act 381, the capture of all eligible tax increment revenue generated on the property for approved purposes.
The public hearing will be held and the Brownfield plan will be considered for adoption at the July 20, 2020, City Council meeting held at 7:00 PM. in the Farmington City Hall, 23600 Liberty Street, Farmington, Michigan, 48335. If you wish to express your views or recommendations or if you have any questions or comments concerning the Brownfield Redevelopment Authority and the Brownfield Plan for the Property you may attend the meeting and offer comment during the meeting. You may also direct inquiries to Kate Knight, Director of the Farmington Downtown Development Authority at 248-474-5500 ext. 2214. A copy of the Brownfield Plan is available for review at the Farmington City Clerk’s Office, 23600 Liberty Street, Farmington, Michigan, 48335.

All Latest News ...

This press release was produced by the City of Farmington. The views expressed here are the author’s own.