Ionia County Board of Commissioners Agenda 2026-06-09
Brownfield TIF Reimbursement Approved for Stuart Ventures LLC
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Description
Stuart Ventures, LLC is approved for up to $450,000 in eligible brownfield cost reimbursement through tax increment financing (TIF) for the Community Condos of Lake Odessa. The Board authorized Brownfield Plan Amendment #1, covering site preparation, demolition, asbestos abatement, and infrastructure for a 15-unit affordable housing project, with reimbursement over an anticipated period ending 2035 and an additional five years for local revolving fund capture.
Contract Details
Contract Amount
$450,000 (eligible brownfield costs)
Vendor
STUART VENTURES LLC
Agency
Ionia County, MI
Contract Type
OTHER
Document Date
June 9, 2026
Contract Term
2023 – 2035; 5 additional years for LBRF capture; anticipated completion summer 2026
Renewal Date
2040-12-31
Renewal Info
No explicit renewal provisions; reimbursement agreement subject to completion of eligible activities and TIF collection.
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