FINANCIAL_SERVICESPENDING

City of Ionia Brownfield Redevelopment Authority Meeting Agenda Packet May 2026

Michigan Housing Partnership to be reimbursed via Ionia TIF plan

Total Brownfield eligible activities $13,769,087; Affordable Housing Financing Gap $4,963,920; Infrastructure $3,825,716; Site Preparation $1,596,320; Interest $2,489,826; Contingency $813,305; Brownfield Plan/Work Plan preparation $25,000; Implementation $50,000City of IoniaMICHIGAN HOUSING PARTNERSHIP LLCMay 11, 2026

Trusted by teams at

Description

Michigan Housing Partnership LLC is slated to receive up to $13.77 million in brownfield reimbursements for eligible activities supporting the Austin Pines West housing project in Ionia. The Act 381 Brownfield Plan outlines a 23-year capture structure using state and local tax increment revenues to repay developer-funded infrastructure, site preparation, affordability gap, interest, and plan implementation costs.

Contract Details

Contract Amount

Vendor

MICHIGAN HOUSING PARTNERSHIP LLC

Agency

City of Ionia, MI

Contract Type

FINANCIAL_SERVICES

Document Date

May 11, 2026

Contract Term

21 years of TIF capture to developer plus 2 years Local Brownfield Revolving Fund capture (total 23 years), estimated reimbursement through 2050; 10-year affordability period for income-restricted units

Renewal Date

2050-12-31

Renewal Info

TIF reimbursement continues until eligible costs and interest are fully repaid or until statutory maximum duration is reached; capture is estimated through 2050 and cannot extend beyond 30 years from approval under Act 381.

More from MICHIGAN HOUSING PARTNERSHIP LLC