FINANCIAL_SERVICESRECOMMENDED

City of Ionia Board of Directors Meeting Agenda April 2026

Heritage Row Brownfield TIF Plan for Ionia Development Co

TIF reimbursement to developer $1,499,254 (approximately 35% of development costs); total project investment $4,450,000; total developer eligible activities $1,499,254 ($1,547,154 total)City of IoniaIONIA DEVELOPMENT COMPANYApril 14, 2026

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Description

The Ionia Development Company is seeking approval of an Act 381 Brownfield Plan for the 14‑unit Homes of Heritage Row project, with about $1.5 million in eligible costs to be reimbursed through tax increment financing. The 20‑year plan would support infrastructure, site preparation, and income-restricted housing on the former Ionia Hospital site.

Contract Details

Contract Amount

TIF reimbursement to developer $1,499,254 (approximately 35% of development costs); total project investment $4,450,000; total developer eligible activities $1,499,254 ($1,547,154 total)

Vendor

IONIA DEVELOPMENT COMPANY

Agency

City of Ionia, MI

Contract Type

FINANCIAL_SERVICES

Document Date

April 14, 2026

Contract Term

Plan/TIF capture period 20 years inclusive of LBRF capture; affordability term 20 years for 2 units at 97–98% AMI; plan expected to run for the life of the 20‑year TIF period

Renewal Info

The Brownfield Plan for Heritage Row anticipates a 20‑year TIF capture that aligns with the affordability period for restricted units; any extensions or amendments would follow BRA and City Council procedures similar to other Act 381 plans and must remain within statutory maximum durations.