City of Ionia Board of Directors Meeting Agenda April 2026
Ionia Development seeks $1.5M TIF for Heritage Row homes
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Description
The City of Ionia Brownfield Redevelopment Authority is reviewing an Act 381 Brownfield Plan for Ionia Development Company’s Homes of Heritage Row project, providing about $1.5 million in TIF reimbursements over 20 years. The plan would support construction of 14 single-family homes on the former Ionia Hospital site, with half of the units income-restricted.
Contract Details
Contract Amount
$1,499,254 TIF reimbursement to developer (approx. 35% of development costs; $1,547,154 total eligible activities)
Vendor
IONIA DEVELOPMENT COMPANY
Agency
City of Ionia, MI
Contract Type
FINANCIAL_SERVICES
Document Date
April 14, 2026
Contract Term
Plan/TIF capture period of 20 years inclusive of LBRF capture
Renewal Info
TIF capture for the Heritage Row brownfield plan is proposed for 20 years, covering both developer reimbursement and Local Brownfield Revolving Fund contributions, within Act 381’s maximum 30-year capture limit.
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