OTHERAMENDED

Emmet County Brownfield Redevelopment Authority Meeting Agenda March 2026

City of Petoskey reimbursement for Lofts project

Up to $3,438,045 in total eligible costs reimbursable via tax increment revenues (shared among developer, City of Petoskey, and ECBRA)Emmet CountyCITY OF PETOSKEYMarch 10, 2026

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Description

The City of Petoskey entered into an amended Development and Reimbursement Agreement with the Emmet County Brownfield Redevelopment Authority for the Lofts at Lumber Square project. The City will front eligible infrastructure and related costs and receive reimbursement from brownfield tax increment revenues over a term of up to 30 years, within a shared $3.44 million budget ceiling.

Contract Details

Contract Amount

Up to $3,438,045 in total eligible costs reimbursable via tax increment revenues (shared among developer, City of Petoskey, and ECBRA)

Vendor

CITY OF PETOSKEY

Agency

Emmet County, IA

Contract Type

OTHER

Document Date

March 10, 2026

Contract Term

From first year of tax increment capture (anticipated 2024) until all eligible activities and interest are reimbursed or 30 years from first capture, whichever occurs first

Renewal Date

2054-12-31

Renewal Info

Agreement term runs until all ECBRA reimbursement obligations for eligible activities and interest are fully paid from brownfield tax increment revenues or 30 years from the first year of capture (anticipated 2024), whichever is earlier. This 2026 agreement expressly replaces and supersedes the prior February 21, 2023 agreement.