2011 CPEO Brownfields List Archive

From: Lenny Siegel <LSiegel@cpeo.org>
Date: Thu, 24 Feb 2011 17:25:40 -0800 (PST)
Reply: cpeo-brownfields
Subject: [CPEO-BIF] Tax-increment adjustment, Farmington, Michigan
 
Drop in Property Values Affects Brownfield Project
A request for a lower taxable value by TCF Bank will slow reimbursement for cleanup costs.

By Joni Hubred-Golden
Farmington Patch (MI)
February 22, 2011

Farmington officials on Monday approved financial reports for two Brownfield Redevelopment Authority projects, including one amended report that was affected by a drop in the property's taxable value.

The city created the taxing authority in 2002; it allows officials to capture the increase in property taxes generated when a site that requires extensive cleanup is developed. Those funds are then used to reimburse cleanup costs.

Reports for both TCF Bank at 9 Mile and Farmington roads and Flagstar Bank at Orchard Lake Road and Grand River Avenue were approved. But the TCF report included an addendum necessitated by a decision by the city's tax tribunal, City Manager Vince Pastue said.

...

For the entire article, see
http://farmington-mi.patch.com/articles/drop-in-property-values- affects-brownfield-project

--

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: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org

_______________________________________________
Brownfields mailing list
Brownfields@lists.cpeo.org
http://lists.cpeo.org/listinfo.cgi/brownfields-cpeo.org

  Prev by Date: [CPEO-BIF] Solar electrical resistance heating at Davis, California brownfield
Next by Date: [CPEO-BIF] Water St. manufactured gas site, Catskill, New York
  Prev by Thread: [CPEO-BIF] Solar electrical resistance heating at Davis, California brownfield
Next by Thread: [CPEO-BIF] Water St. manufactured gas site, Catskill, New York

CPEO Home
CPEO Lists
Author Index
Date Index
Thread Index