Public Hearing Set For Pearl Building Redevelopment Plan
July 25, 2019
An upcoming public hearing will give community members the chance to weigh in on a redevelopment plan for the historic Pearl Building in downtown Howell.
The hearing for The Pearl Building at 309 East Grand River will be held August 26th at a City Council meeting. Interim City Manager Erv Suida says residents at the hearing can learn more and offer input on the submitted Brownfield Redevelopment Plan, which captures tax dollars that are used to improve a building that is essentially and functionally obsolete.
All taxing agencies that will be impacted by the plan and the tax capture will also be notified of the hearing. Officials reiterate that no agency will lose money that they currently receive. The additional taxes created from the project will be diverted for a period of time, which is currently proposed to be 24 years, to pay for eligible project expenses.
Officials are still working to finalize two other documents that will need to be approved in conjunction with the Brownfield Plan - the Interlocal Agreement between the Howell Brownfield Redevelopment Authority (HBRA) and the Downtown Development Authority (DDA), and the Reimbursement Agreement. The Interlocal Agreement allows the HBRA to capture the increased tax revenue from the project instead of the DDA for the length of the plan. The Reimbursement Agreement outlines the terms under which the HBRA will reimburse the developer for the eligible costs from the plan.
Once a public hearing is held, City Council then will be asked to approve or deny the Brownfield Plan and Reimbursement Agreement at a future meeting. (DK)