FINANCIAL_SERVICESPENDING

City of Ionia Board of Directors Meeting Agenda April 2026

Michigan Housing Partnership slated for Austin Pines TIF deal

$14,516,262 TIF reimbursement (eligible activities, interest, contingency, plan prep and implementation)City of IoniaMICHIGAN HOUSING PARTNERSHIP LLCApril 14, 2026

Trusted by teams at

Description

Under the proposed Act 381 Brownfield Plan, Michigan Housing Partnership, LLC would receive up to $14.5 million in TIF reimbursements for the Austin Pines housing development in Ionia. The Brownfield Redevelopment Authority will act on the plan and, if approved, enter a Development/Reimbursement Agreement following City Council adoption.

Contract Details

Contract Amount

$14,516,262 TIF reimbursement (eligible activities, interest, contingency, plan prep and implementation)

Vendor

MICHIGAN HOUSING PARTNERSHIP LLC

Agency

City of Ionia, MI

Contract Type

FINANCIAL_SERVICES

Document Date

April 14, 2026

Contract Term

TIF capture period of 22 years to developer plus 2 additional years to Local Brownfield Revolving Fund (capture expected 2027–2050, not to exceed 30 years)

Renewal Date

2050-12-31

Renewal Info

TIF capture and reimbursement continue until the maximum eligible costs plus interest are recovered or until statutory limits are reached; plan may delay start of capture up to five years but total capture cannot exceed 30 years.

More from MICHIGAN HOUSING PARTNERSHIP LLC