The former Northville Psychiatric
Hospital property may soon be seeing some changes.
The Township Board of Trustees
has unanimously voted to create a Brownfield
Redevelopment Authority to redevelop the property. The Brownfield Authority, or Tax
Increment Financing, captures taxes from the property after development
takes place and the property increases in value. These captured taxes pay for the improvements
made on the property.
According to Paul Bohn,
Northville’s environmental attorney, the authority could raise more than $80
million over 30 years. The cost for
cleaning up the property, including demolishing all the vacant buildings on the
property, is estimated to be roughly $29 million.
The property is currently owned
by developer REIS. The redevelopment
plan includes building a new University of
Michigan hospital on the site as well as other commercial and retail
development. Construction on the
hospital will begin in 2013 and it should open the following year.
According to the consent
agreement, REIS will get half of the revenue produced by the Brownfield
authority to be used to improve the property.
This agreement will allow the
township to begin improving the long-vacant property and making it useable to
Northville residents.
Paul Bohn, who advises the
township on environmental matters, is an attorney with Fausone Bohn, LLP in
Northville. If you have questions on
brownfield, development or environmental matters, call Mr. Bohn at (248)
380-0000.
To learn more or read the
original article, please visit: http://www.hometownlife.com/article/20120927/NEWS12/209270453/Brownfield-authority-opens-door-development-hospital-property?odyssey=mod|newswell|text|News|p
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