FINANCIAL_SERVICESPENDING

Independence Township Downtown Development Authority Agenda Packet 2026-06-17

DDA to Reimburse Township for MDOT Local Match

Estimated $700,000.00 local share reimbursed by DDATown of Independence charterCHARTER TOWNSHIP OF INDEPENDENCEJune 17, 2026

Trusted by teams at

Description

The Independence Township DDA is entering into a reimbursement agreement with the Charter Township of Independence to cover the estimated $700,000 local match for the MDOT Dixie Highway and White Lake Road intersection project. The DDA will repay the Township in five annual installments of $140,000 beginning in 2027 from tax increment revenues.

Contract Details

Contract Amount

Estimated $700,000.00 local share reimbursed by DDA

Vendor

CHARTER TOWNSHIP OF INDEPENDENCE

Agency

Town of Independence charter, MI

Contract Type

FINANCIAL_SERVICES

Document Date

June 17, 2026

Contract Term

Five annual installments of $140,000 starting in 2027, due on or before March 31 each year

Renewal Date

2031-03-31

Renewal Info

Payments are structured as five fixed annual installments beginning in 2027; if the project does not proceed, the agreement terminates automatically. If the actual local share exceeds $700,000, the parties will confer to determine allocation of additional costs.

More from CHARTER TOWNSHIP OF INDEPENDENCE