FINANCIAL_SERVICESRECOMMENDED

City of Ionia Board of Directors Meeting Agenda April 2026

Michigan Housing Partnership Named Developer in Austin Pines TIF

$14,516,262 in total eligible brownfield activities; TIF reimbursement to developer $14,516,261City of IoniaMICHIGAN HOUSING PARTNERSHIP LLCApril 14, 2026

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Description

Under the proposed Austin Pines West Brownfield Plan, Michigan Housing Partnership, LLC would receive tax increment reimbursement for more than $14.5 million in eligible costs tied to land acquisition-related housing development activities. The reimbursement would occur over approximately 22 years of TIF capture following construction of 96 new residential units.

Contract Details

Contract Amount

$14,516,262 in total eligible brownfield activities; TIF reimbursement to developer $14,516,261

Vendor

MICHIGAN HOUSING PARTNERSHIP LLC

Agency

City of Ionia, MI

Contract Type

FINANCIAL_SERVICES

Document Date

April 14, 2026

Contract Term

Plan/TIF capture period 22 years plus 2 years Local Brownfield Revolving Fund capture (24 years total), with construction planned 2026–2029 and TIF capture through about 2050

Renewal Date

2050-12-31

Renewal Info

Reimbursement continues until eligible activities, contingency, interest, and designated administrative and revolving fund amounts are fully paid or until the statutory maximum plan duration is reached; amendments to the Plan or Development/Reimbursement Agreement would require BRA and City approval.

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