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Resolved in the matter of City File No. 03-023, Madison Park, that the Brownfield Redevelopment Authority APPROVES the BROWNFIELD REDEVELOPMENT PLAN based on the plan dated February 27, 2004 with the following findings and subject to the following conditions:
FINDINGS
1. The submitted plan meets the requirements for a Brownfield Plan under State Act 381 and the City of Rochester Hills.
2. The subject parcels are the site of a former landfill and a source of known contamination within the City.
3. If implemented, the Plan provides a reasonable course of action for the remediation of a known contaminated site.
4. If implemented, the amount, payback period, and use of Tax Increment Financing (TIF) is reasonable for the eligible activities proposed.
CONDITIONS
1. That City Council approves the proposed plan.
2. That the City requires a Reimbursement Agreement be negotiated between the City and the Applicant prior to any TIF financing being paid out for approved eligible activities.
3. That if the extent of Due Care activities related to the subject site is altered or revised due to a change to the proposed development plans or proposed use of the site, the applicant shall submit an amended BRA Plan to the Brownfield Redevelopment Authority.
4. That the Applicant adjust all Sidwell Numbers in the referenced Brownfield Plan to be consistent with the following prior to review by City Council:
15-29-151-015, 15-29-151-008, 15-29-151-017, 15-29-151-012, 15-29-151-011, 15-29-176-004, 15-29-176-006, 15-29-176-008