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Approval of Brownfield Plan - Madison Park (City File No. 03-023) a proposed mixed-use development located on the south side of Hamlin Road, east of the proposed Adams Road realignment, identified as Parcel Nos. 15-29-151-015, 15-29-151-008, 15-29-151-017, 15-29-151-012, 15-29-151-011, 15-29-176-004, 15-29-176-008 and 15-29-176-006, REI-Hamlin Road Development, applicant.
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Resolved that City Council APPROVES the BROWNFIELD REDEVELOPMENT PLAN for the matter of City File No. 03-023 - (Madison Park) with the following findings and subject to the following conditions.
FINDINGS
1. The Brownfield Plan constitutes a public purpose and will facilitate the reclamation, redevelopment and revitalization of an old, distressed, improperly capped, poorly maintained, leaking, leaching landfill site that poses a continuing environmental problem to the community, its residents and its natural resources.
2. The submitted Brownfield Plan meets all requirements of Section 13 of the Brownfield Redevelopment Financing Act. All of the required provisions under Section 13 are included and addressed in the Plan.
3. The proposed method of financing the costs of the eligible activities from tax increment revenues is feasible, and the Brownfield Redevelopment Authority has the ability to arrange the financing, which will be accomplished through a reimbursement agreement to be prepared, approved and entered into.
4. The costs of the proposed eligible activities are reasonable and necessary to carry out the purposes of the Brownfield Redevelopment Financing Act.
5. The amount of captured taxable value estimated to result from adoption of the Plan is reasonable and is expected to produce tax increment revenues sufficient to pay for the proposed eligible activities identified in the Plan.
6. The subject parcels are a site of a former landfill and a source of known contamination within the City. The Plan provides a reasonable course of action for the remediation of this site.
CONDITIONS:
1. A reimbursement agreement shall be prepared, approved and entered into between the City and the applicant prior to any TIF financing being paid out for approved eligible activities.
2. If the extent of Due Care activities related to the subject site are materially altered or revised, an amended Plan shall be for review and approval or rejection following the same procedure as applies to this Plan.
3. The Applicant shall obtain the MDEQ's review and approval of a work plan or remedial action plan in accordance with the Act.