FINANCIAL_SERVICESPENDING

City of Ionia Brownfield Redevelopment Authority Meeting Agenda Packet May 2026

Austin Pines West TIF plan advanced for Allen Edwin Homes

$13,769,087 in eligible activities; $31,000,000 total project investment; TIF Reimbursement to Developer $13,769,087City of IoniaALLEN EDWIN HOMESMay 11, 2026

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Description

The City of Ionia Brownfield Redevelopment Authority is considering an Act 381 Brownfield Plan for Allen Edwin Homes’ Austin Pines West project, providing up to $13.77 million in tax increment financing reimbursements toward a $31 million, 96-unit housing development. The plan would reimburse eligible infrastructure, site preparation, housing subsidy, interest, and administrative costs over a 21-year TIF period plus two years of Local Brownfield Revolving Fund capture, with 20 units reserved for households at or below 120% of area median income for 10 years.

Contract Details

Contract Amount

$13,769,087 in eligible activities; $31,000,000 total project investment; TIF Reimbursement to Developer $13,769,087

Vendor

ALLEN EDWIN HOMES

Agency

City of Ionia, MI

Contract Type

FINANCIAL_SERVICES

Document Date

May 11, 2026

Contract Term

Plan/TIF capture period 21 years plus 2 years Local Brownfield Revolving Fund capture (total 23 years), with affordability term of 10 years for income-restricted units; capture projected 2027–2050

Renewal Date

2050-12-31

Renewal Info

Brownfield TIF capture is authorized for up to 21 years for developer reimbursement plus two additional years for Local Brownfield Revolving Fund, not to exceed 30 years from plan approval as per Act 381; no automatic renewal beyond statutory limits.