At its May 23 meeting, the Brownfield Redevelopment Authority approved a brownfield for the developers of 456 Cady (mixed use building), formerly known as Foundry Flask. The recommendation now goes to City Council.
The property is located south of Cady, east of Griswold and west of S. Main, with portions in the Historic District. It formerly housed the American Bell & Foundry Co., Stinson Aircraft, and Stimpson Scale and Manufacturing prior to becoming Foundry Flask. The property was sold by Douglas Brinkman, president of the former Foundry Flask & Equipment Co., to Utah Development, LLC. The representative is Jim Long, a longtime city resident and owner of Long Companies.
The brownfield will be used to fund environmental cleanup and other eligible activities. The authority recently established a process for reimbursement and compliance for developers who are granted a tax abatement in exchange for property remediation. Generally, the property contains toxic substances or is distressed (environmentally or functionally) and its revitalization would add value to the city in terms of new use and an expanded tax base.
Authority directors are Chair Patrick McGow, Michelle Aniol, John Carter, David Hay, Ryan McKindles, Barbara Moroski-Browne, and Don Webb. They have combined expertise in environmental impact, economic development, real estate, finance, and legal matters. City Treasurer Sandi Wiktoroski serves as the authority’s treasurer. Brownfield consultants are Samantha Seimer and Brian Westhoff, both of AKT Peerless.
The authority is authorized to allow the use of Tax Increment Financing (TIF) revenues to pay for or reimburse public or private costs of eligible activities as defined in Act 381, the state of Michigan’s Brownfield Financing Act. These include such items as Baseline Environmental Assessment (BEA) activities, due care activities (which limit exacerbation of, or exposure to, contamination on a site), demolition (above and below ground), lead and asbestos assessment and abatement, certain administrative and consultant costs, and environmental insurance.
A Local Brownfield Revolving Fund (LBRF) allows the fund to capture Tax Increment Revenue (TIR) for a period not-to-exceed five years after the original reimbursement period is complete.
Details will be worked out upon final approval of the brownfield.