FINANCIAL_SERVICESRECOMMENDED

City of Ionia Board of Directors Meeting Agenda April 2026

Austin Pines West Brownfield TIF Plan for Allen Edwin Homes

$14,516,262 in total eligible brownfield activities; TIF reimbursement to developer $14,516,261; total project investment $31,000,000City of IoniaALLEN EDWIN HOMESApril 14, 2026

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Description

The City of Ionia Brownfield Redevelopment Authority is asked to consider an Act 381 Brownfield Plan with Allen Edwin Homes for the Austin Pines West project, providing up to $14.5 million in tax increment-financed reimbursement within a $31 million, 96‑unit housing development. The plan spans roughly 24 years of TIF capture, including infrastructure, site preparation, and an affordability component for income-restricted units.

Contract Details

Contract Amount

$14,516,262 in total eligible brownfield activities; TIF reimbursement to developer $14,516,261; total project investment $31,000,000

Vendor

ALLEN EDWIN HOMES

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 affordability term of 10 years for income-restricted units; construction 2026–2029, TIF capture through approximately 2050

Renewal Date

2050-12-31

Renewal Info

Brownfield Plan duration estimated at 22 years of developer reimbursement capture plus 2 years of Local Brownfield Revolving Fund capture, not to exceed 30 years under Act 381; any amendments would follow BRA and City Council approval procedures outlined in the plan.