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Home My WebLink AboutResolutions - 2021.11.10 - 35022fr0,AKLANDT`!-- COUNTYMICHIGAN BOARD OF COMMISSIONERS November 10, 2021 MISCELLANEOUS RESOLUTION 921-446 Sponsored By: William Miller III IN RE: 2292 Sleeth Road - Charter Township of Commerce Project Chairperson and Members of the Board: WHEREAS the Oakland County Board of Commissioners, pursuant to and in accordance with the provisions of the Brownfield Redevelopment Financing Act, being Act 381 of the Public Acts of the State of Michigan of 1996, as amended (the "Act"), have established a redevelopment of Brownfields Redevelopment Authority and Board known as the Oakland County Brownfield Redevelopment Authority (OCBRA) to facilitate the cleanup and redevelopment of Brownfields within Oakland County's communities; and WHEREAS the 2292 Sleeth Road site in the Charter Township of Commerce (the "Property") is defined as functionally obsolete under State statute; and WHEREAS the 2292 Sleeth Road site is a State Land Bank Authority (SLBA) Property, which allows for additional Brownfield Eligible Activities to be reimbursed to the developer; and WHEREAS a Brownfield clean up and redevelopment plan (the "Plan") has been prepared to restore the environmental and economic viability of this parcel; and WHEREAS pursuant to OCBRA by-laws, a local committee has been appointed, participated in discussions regarding the proposed plan and project, reviewed the plan, and recommends its approval; and WHEREAS the Charter Township of Commerce has reviewed the Plan, and has been provided a reasonable opportunity to express views and recommendations regarding the Plan in accordance with Sections 13 (13) of the Act, and has concurred with the provisions of the Plan; and WHEREAS the Charter Township of Commerce restricted the Brownfield plan to 20 years or $18,000,000 in developer reimbursement, whichever occurs first; and WHEREAS the OCBRA, pursuant to and in accordance with Section 13 of the Act, has approved a resolution (attached) adopting the Plan, and recommends the adoption of the Plan by the Oakland County Board of Commissioners to be carried out within the Charter Township of Commerce relating to the 2292 Sleeth redevelopment in the Charter Township of Commerce; and WHEREAS the developer, 2292 Sleeth Company. will assume Brownfield related eligible activity development costs estimated at $18,000,000. Costs include baseline environmental assessments, removal of contaminated soils, infrastructure improvements and site preparation activities; and WHEREAS the cost of these eligible plan activities will be reimbursed to the developer by the OCBRA from tax capture based on the incremental difference in the taxable value of the property over a twenty (20) year period. Total tax capture consists of the following: Developer Reimbursement $18,000,000 Local Brownfield Revolving Fund $ 380,000 ISLBA Capture $ 2,369,573 !OCBRA Admin Fees $ 100.000 jTotal Tax Capture $20.849.573 NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners does hereby adopt the Brownfield Redevelopment Plan to be carried out within the Charter Township of Commerce, relating to the 2292 Sleeth redevelopment. BE IT FURTHER RESOLVED that a public hearing on the adoption of the Brownfield Plan approved by the Oakland County Brownfield Redevelopment Authority for the 2292 Sleeth redevelopment in the Charter Township of Commerce shall be held on November 10, 2021, at 6:00 PM in the Oakland County Board of Commissioners' Auditorium, 1200 North Telegraph Road, Pontiac, Michigan. BE IT FURTHER RESOLVED no budget amendment is required as the budget already includes tax capture offsets. Chairperson, the following Commissioners are sponsoring the foregoing Resolution: William Miller III. "id Date: November 16, 2021 David Woodward, Commissioner . - L a� Date: November 16, 2021 Hilarie Chambers, Deputy County Executive II &t�' Date: November 16 2021 Lisa Brown, County Clerk I Register of Deeds COMMITTEE TRACKING 2021-11-03 Economic Development & Infrastructure - recommend to Board 2021-11-10 Full Board VOTE TRACKING Motioned by Commissioner Christine Long seconded by Commissioner Kristen Nelson to adopt the attached Brownfield Plan: 2292 Sleeth Road - Charter Township of Commerce Project. Yes: David Woodward, Michael Gingell, Michael Spisz, Karen Joliat, Kristen Nelson, Eileen Kowall, Christine Long, Philip Weipert, Gwen Markham, Angela Powell, Chuck Moss, Marcia Gershenson, Yolanda Smith Charles, Charles Cavell, Penny Luebs, Janet Jackson, Robert Hoffman, Adam Kochenderfer (18) No: None (0) Abstain: None (0) Absent: (0) The Motion Passed. ATTACHMENTS 1. EDI Packet STATE OF MICHIGAN) COUNTY OF OAKLAND) I, Lisa Brown, Clerk of the County of Oakland, do hereby certify that the foregoing resolution is a true and accurate copy of a resolution adopted by the Oakland County Board of Commissioners on November 10, 2021, with the original record thereof now remaining in my office. In Testimony Whereof, I have hereunto set my hand and affixed the seal of the Circuit Court at Pontiac, Michigan on Wednesday, November 10, 2021. r Lisa Brown, Oakland County Clerk / Register of Deeds ESTABLISHMENT OF A COMMITTEE FOR THE 2922 SLEETH ROAD BROWNFIELD SITE OCTOBER 12, 2021 WHEREAS, per the Oakland County Brownfield Redevelopment Authority (BRA) Bylaws, Article II Section 9. Not less than sixty days prior to the submittal of any proposed Brownfield redevelopment plan to the BOC pursuant to Section 14(a) of the Act, by resolution the Board shall appoint a committee for any such proposed plan to allow for input of the city, village or township involved. The committee shalt consist of minimum of one or more of the Directors of the Board, as well as one elected official, or his/her designee from the affected city, village, or township, The committee so appointed shall make recommendations to the Board, which shall include or address any changes to the Brownfield redevelopment plan sought by the city, village or township, as well as any other significant concerns or issues raised by the city, village or township. WHEREAS, Dan Hunter (Oakland County BRA) and David Scott (Supervisor, Commerce Township) have been designated to serve on the Local Host Committee since December 17, 2019 for the 2922 Sleeth Road project. WHEREAS, all parties involved with this project and the specific persons nominated for this committee have been meeting about this project starting on December 17, 2019: and, THEREFORE, be it resolved, to approve and ratify the appointment of Dan Hunter (Oakland County BRA) along with David Scott (Supervisor, Commerce Township) to serve on the 2922 Sleeth Road project committee. Yeas- Trigger, Tighe, Jamieson, Webster, Woodward Nays - Peter W bster // /f Chairperson, Oakland County, Brownfield Redevelopment Authority RESOLUTION TO APPROVE A BROWNFIELD REDEVELOPMENT PLAN FOR THE 2922 SLEETH ROAD COMMERCE TOWNSHIP BROWNFIELD SITE OCTOBER 12, 2021 WHEREAS, the 2922 Sleeth Road site has been an underutilized parcel, deemed Functionally Obsolete and under State Land Bank Authority (SLBA) under state statute; and, WHEREAS, The SLBA will take ownership of the property on or before the full board of commissioners meeting on June 30, 2021; and WHEREAS, SLBA property qualify for all eligible activities listed under Public Act 381 of 1996 including infrastructure improvements and site preparation; and, WHEREAS, a cleanup and redevelopment plan has been established to restore the economic viability of this parcel, and, WHEREAS, Commerce Investment Company, LLC will take ownership once off - site eligible activities have been completed in 2022; and, WHEREAS, the local host committee consisting of David Scott, Supervisor of Commerce Township and Mr. Bunter from the OCBRA have met and have recommended the approval of the Brownfield plan; and, WHEREAS, Commerce Township passed a concurrent resolution approving the Brownfield plan at their May 12, 2021, Township Board meeting; and, WHEREAS, the BRA Board has reviewed the proposed plan; now, THEREFORE, BE IT RESOLVED, the Brownfield Plan for the 2922 Sleeth Road project is hereby approved by the OCBRA on October 12, 2021; provided that, 1. The Developer and the OCBRA agree upon a mutually acceptable Reimbursement Agreement, and the OCBRA authorizes the Board Chairperson to sign the reimbursement agreement on behalf of the OCBRA. BE IT FURTHER RESOLVED, to recommend the adoption of this plan by the Oakland County Board of Commissioners, and its Economic Development and Infrastructure Committee. Yeas- Tighe, Trigger, Jamieson, Webster, Woodward Nays- Abstained- K, Peter ster , %=„ �ibw%ld Chairperson, Oakland Coudty Redevelopment Authority RECOMMENDATION THAT OAKLAND COUNTY ADMINSTRATION WORK, WITH THE STATE OF MICHIGAN STATE LAND BANK AUTHORITY TC OBTAIN GRANTS FOR AFFORDIBLE HOUSING, OCTOBER 12, 2021 WHEREAS, the OCBRA, approved a Brownfield plan for 2922 Sleeth Road in Commerce Township on October 12, 2021; and, WHEREAS. the 2292 Sleeth Road Brownfield project utilized the State Land Bank Authority (SLBA) to qualify the project for reimbursement of certain additional improvements utilizing Tax Increment Financing (TIF); and, WHEREAS, as part of the 2292 Sleeth Road Brownfield project, the SLBA will be capturing TIF dollars from the 2292 Sleeth Road Brownfield project for five (5) years for their operational budget; and, WHEREAS, the SLBA staff has informed the OCBRA that the SLBA offers grants to local governments for projects that fit certain mutual interests; and, WHEREAS, Oakland County Administration has worked with the SLBA to identify affordable housing as a mutual interest that would allow Oakland County to apply for grant dollars; and, WHEREAS, the SLBA has identified $400,000 for use on affordable hosing projects in Oakland County; and, THEREFORE, be it resolved, to recommend that Oakland County Administration continue their efforts with the SLBA to obtain grants to promote high quality affordable housing in Oakland County. Yeas- Webster, Woodward, Jamieson, Tighe, Trigger Nays- Pet Webster Chairperson, Oakland Count Brownfield Redevelopment Authority RECOMMENDATION THAT OAKLAND COUNTY ADMINSTRATION, EXAMINE THE CREATION OF AN OAKLAND COUNTY LAND BANK, AUTHORITY OCTOBER 12, 2021 WHEREAS, the Oakland County Brownfield Redevelopment Authority recognizes that land bank authorities can be utilized as an important economic development tool for tax reverted and distressed properties; and, WHEREAS a County Land Bank would allow the recycling of tax reverted and distressed properties back to productive use while increasing the tax base; and, THEREFORE, be it resolved, the Oakland County Brownfield Redevelopment Authority recommends that Oakland County Administration seriously consider the establishment of the Oakland County Land Bank Authority. Yeas- Webster, Woodward, Jamieson, Tighe, Trigger Nays - (Pete ebster �m �rZ Ch rperson, Oaklanfl Cofmty Brownfield Redevelopment Authority RESOLUTION OF UNDERSTANDING OF THE TOWNSHIP BOARD OF THE CHARTER TOWNSHIP OF COMMERCE OF THE OAKLAND COUNTY BROWNFIELD REDEVELOPMENT AUTHORITY'S ROLE IN ADMINISTERING A BROWNFIELD PLAN FOR THE RESERVE AT CRYSTAL LAKE RESIDENTIAL DEVELOPMENT At a regular meeting of the Township Board of the Charter Township of Commerce, County of Oakland, Michigan, held on the 11"' day of May, 2021 in the Township Hall at 7:00 p.m. PRESENT: Larry E. Gray, George Weber, Molly Phillips, Melissa Creech, Vanessa Magner, Rick Sovel, Robert Berkheiser ABSENT: None The following preamble and resolution were offered by George Weber and supported by Rick Sovel. WHEREAS, the Charter Township of Commerce ("Commerce Township") has a Brownfield project known as the Reserve at Crystal Lake that it would like to have reviewed and processed by the Oakland County Brownfield Redevelopment Authority; WHEREAS, Commerce Township has not created a Brownfield Authority; WHEREAS, the Oakland County Brownfield Redevelopment Authority ("OCBRA") was created by Oakland County pursuant to MCL 125.2651 et seq., to assist jurisdictions like Commerce Township that do not have their own Brownfield Authority; WHEREAS, the Oakland County Brownfield Redevelopment Authority is prepared to assist Commerce Township by reviewing the proposed Reserve at Crystal Lake project, provided that Commerce Township acknowledges certain rights that the Oakland County Brownfield Redevelopment Authority has, to wit: • OCBRA or County intends to collect an administrative fee from the new tax increment revenues generated by the developer not to exceed $5,000 annually for the duration of the plan. OCBRA or County intends to capture and collect from the new tax increment revenues generated by the developer an amount up to $380,000 and that such funds will be placed in the OCBRA's or County's revolving loan fund for future remediation projects. WHEREAS, Commerce Township will have the opportunity to provide public comment on any Brownfield Plan (including the amount of the administrative fee to be collected and the Resolution of Understanding Regarding Brownfield Plan Page 2 of 2 amount captured for the revolving loan fund) before it is finally adopted by the OCBRA and/or the Oakland County Board of Commissioners. NOW, THEREFORE, BE IT RESOLVED that Commerce Township requests that the OCBRA undertake review of the Reserve at Crystal Lake project. IT IS FURTHER RESOLVED that Commerce Township acknowledges and understands that OCBRA or County intends to collect certain administrative fees and capture certain taxes for its revolving loan fund, which will be specified in detail in any Brownfield Plan before it is finally adopted. AYES: Larry E. Gray, George Weber, Molly Phillips, Melissa Creech, Vanessa Magner, Rick Sovel, Robert Berkheiser NAYS: None ABSENT: None RESOLUTION DECLARED ADOPTED. STATE OF MICHIGAN ) )ss. COUNTY OF OAKLAND ) I, the undersigned duly qualified Township Clerk of the Charter Township of Commerce, Oakland County, Michigan, do hereby certify the foregoing is a true and complete copy of the proceedings taken by the Township Board of the Charter Township of Commerce at a meeting held on the 11 "' day of May, 2021. MELISSA CREECH, Clerk Charter Township of Commerce Dated: May 12, 2021 m: ictefplan-rvuUeserve at crystal lakeWoesl2021-05-12 resolution of understanding Unal),doar STATE OF MICHIGAN COUNTY OF OAKLAND COMMERCE TOWNSHIP RESOLUTION CONCURRING WITH THE PyOVISIONS OF A BROWNFIELD PLAN TO BE ADOPTED BY THE OAKLAND COUNTY BROWNFIELD REDEVELOPMENT AUTHORITY FOR THE RESERVE AT CRYSTAL LAKE PROJECT At a regular meeting of the Township Board of the Charter Township of Commerce, County of Oakland, Michigan, held on the I Vh day of May, 2021 in the Township Hall at 7:00 p.m. PRESENT; Larry E. Gray, George Weber, Molly Phillips, Melissa Creech, Vanessa Magner, Rick Sovel, Robert Berkheiser ABSENT: None The following preamble and resolution were offered by George Weber and supported by Robert Berkheiser. RECITATIONS: WHEREAS, the Oakland County Board of Commissioners, pursuant to and in accordance with the provisions of the Brownfield Redevelopment Financing Act, being Act 381 of the Public Acts of the State of Michigan of 1996, as amended (the "Act"), have established a Brownfield Redevelopment Authority and Board (OCBRA) to facilitate the clean up and redevelopment of Brownfields within Oakland County's communities; and WHEREAS, the property known as the Reserve at Crystal Lake, is a functionally obsolete gravel pit in Commerce Township; and WHEREAS, a Brownfield clean up and redevelopmentplan (the "Plan") has been prepared to restore the environmental and economic viability of this parcel which the OCBRA has reviewed and approved; and WHEREAS, pursuant to OCBRA by-laws, a local committee has been or will be appointed to participate in discussions regarding the proposed plan and project, to review the plan, and to make recommendations regarding its approval; and WHEREAS, the OCBRA, pursuant to and in accordance with Section 13 of the Act, shall consider recommending that the Oakland County Board of Commissioners approve the Brownfield Plan to be carried out within Commerce Township, relating to the redevelopment of the property located at the Reserve at Crystal Lake (the "Property"); and Resolution Concurring with Brownfield Plan Page 2 of 2 WHEREAS, the members of the Township Board have reviewed the Plan, and will be provided a reasonable opportunity to express their views and recommendations regarding the Plan in accordance with Sections 14 of the Act; and NOW THEREFORE BE IT RESOLVED THAT, the Township Board of the Charter Township of Commerce hereby concurs with the provisions of the Plan including approval of the Plan by the Oakland County Board of Commissioners and implementation of the Plan by the Oakland County Brownfield Redevelopment Authority. BE IT FURTHER RESOLVED THAT should any section, clause or phrase of this Resolution be declared by the courts to be invalid, the same shall not affect the validity of this Resolution as a whole nor any part thereof other than the part so declared to be invalid. BE IT FURTHER RESOLVED THAT all resolutions or parts of resolutions in conflict with any of the provisions of this Resolution are hereby repealed. AYES: George Weber, Molly Phillips, Melissa Creech, Vanessa Magner, Rick Sovel, Robert Berkheiser NAYS: Larry E. Gray ABSENT: None RESOLUTION DECLARED ADOPTED. STATE OF MICIRGAN ) )ss. COUNTY OF OAKLAND ) I, the undersigned duly qualified Township Clerk of the Charter Township of Commerce, Oakland County, Michigan, do hereby certify the foregoing is a true and complete copy of the proceedings taken by the Township Board of the Charter Township of Commerce at a meeting held on the I Ith day of May, 2021. �I�A CREECH, Clerk Charter Township of Commerce Dated: May 12, 2021 m:leiclplan-wulreseme at crystal lakeldocs12021-05-12 resolution concurring with Grownfield plan (final -correcled).docs OAKLAND COUNTY BROWNFIELD REDEVELOPMENT AUTHORITY BROWNFIELD PLAN THE RESERVE AT CRYSTAL LAKE LOCATED AT 2922 SLEETH ROAD COMMERCE TOWNSHIP, MICHIGAN May 3, 2021 Approved by Township Board: [date to be inserted following approval] Approved by OCBRA: (date to be inserted following approval] Approved by Board of Commissioners: [date to be inserted following approval] Prepared on Behalf of: Commerce Investment Company, LLC 31500 Northwestern Highway, Suite 105 Farmington Hills, Michigan 48334 Contact Person: Andrew Milia Telephone: (248) 539-3332 Prepared Bv: PM Environmental, Inc, 4080 West Eleven Mile Road Berkley, Michigan 48072 Contact Person: Jessica DeBone Telephone: (616) 328-5297 yP&I ENVIRONMENTAL Fisk We'l Me-lagcd Brownfield Plan for the proposed Reserve at Crystal Lake Located at 2922 Steeth Road, Commerce, Michigan PM Project No. 01-12318-0-0002; May 3, 2021 TABLE OF CONTENTS PROJECTSUMMARY............................................................................................................. 1 1. INTRODUCTION AND PURPOSE.................................................................................. 2 11. GENERAL PROVISIONS................................................................................................ 2 A. Description of the Eligible Property (Section 13 (2)(h)) and Project...................................2 B. Basis of Eligibility (Section 13 (2)(h) and Section 2(0))......................................................4 C. Summary of Eligible Activities and Description of Costs (Sec. 13(2)(a-b))........................4 D. Estimate of Captured Taxable Value and Tax Increment Revenues (Sec, 13 (2)(c)).........5 E. Method of Brownfield Plan Financing and Description of Advances by the Municipality (Sec. 13 (2)(d)).................................................................................................................6 F. Maximum Amount of Note or Bonded Indebtedness (Sec. 13 (2)(e))................................6 G. Duration of Brownfield Plan (Sec. 13(2)(f)).......................................................................6 H. Estimated Impact of Tax Increment Financing on Revenues of Taxing Jurisdictions (Sec. 13(2)(g))...........................................................................................................................6 I. Legal Description, Property Map, Statement of Qualifying Characteristics and Personal Property(Sec. 13(2)(h))...................................................................................................7 J. Displacement/Relocation of Individuals on Eligible Property (Sec. 13 (2)(i-1))....................7 K. Other Material that the Authority or Governing Body Considers Pertinent (Sec. 13 (2)(m)) . ...................................................................................................................................8 APPENDICIES Appendix A Legal Description Appendix B Property Location Boundary Appendix C Preliminary Site Plans and Renderings Appendix D Documentation of Eligibility TABLES Table 1: Estimated Costs of Eligible Activities Table 2: Tax Increment Revenue Capture Estimates Table 3: Tax Increment Reimbursement Estimates Brownfield Plan for the proposed Reserve at Crystal Lake Located at 2922 Sleeth Road, Commerce Township, Michigan PM Project No. 01-12318-0-0002; May 3, 2021 PROJECT SUMMARY Project Name: The Reserve at Crystal Lake Project Location: The property is located at 2922 Sleeth Road in Township two north (T2N), Range eight east (R8E), Section 8 southwest (SEC 8 SW), Commerce Township, Oakland County Michigan 48382 (the "Property"). Type of Eligible The Property is determined to be `Blighted" Property: Eligible Activities: Demolition, Infrastructure Improvements, Site Preparation, and Preparation of a Brownfield Plan and Act 381 Work Plan. Developer Reimbursable Estimated total reimbursable activities is $19,223,406 Costs: (includes eligible activities and 15% contingency), however, a maximum reimbursement of $18,000,000 has been established by the Township. Years of Capture for Eligible Activity reimbursement is not to exceed Reimbursement: 20 vears from start of capture, estimated to begin in 2023. Estimated Capital Approximately $23.1 million in horizontal construction with an Investment: estimated $100 million total project value following vertical construction Project Overview: This project includes the transformation of an approximately 159- acre former sand and gravel mine into a single-family residential neighborhood that accommodates approximately 203 home sites. The development will be anchored by an approximately 41- acre lake. The State Land Bank Authority ('SLBA") will act as the eligible entity for the purpose of this Brownfield Plan to allow for the construction and expansion of municipal water and sewer utilities. In addition to making this development possible, these utility upgrades will provide a significant benefit to the surrounding area that will catalyze additional, large-scale developments that require public utilities to be feasible. Furthermore, the addition of approximately 203 residential homes will result in a significant increase in property tax revenues. The project is also estimated to employ approximately 10 full time equivalent, temporary construction jobs per home totaling 2,030 within the Township over the next 5 years. PM Environmental, Inc. Page 1 Brownfield Plan for the proposed Reserve at Crystal Lake Located at 2922 Sleeth Road, Commerce Township, Michigan PM Project No. 01-12318-0-0002; May 3, 2021 INTRODUCTION AND PURPOSE In order to promote the revitalization of environmentally distressed, historic, functionally obsolete and blighted areas within local units of government in the state of Michigan, the Oakland County Brownfield Redevelopment Authority (OCBRA) the "Authority" will implement this Brownfield Plan pursuant to the Brownfield Redevelopment Financing Act, Michigan Public Act 381 of 1996, as amended ("Act 381"). The purpose of this Brownfield Plan (the "Plan") is to promote the redevelopment of and investment in the eligible "Brownfield" Property within local units of government within the state of Michigan and to facilitate financing of eligible activities at the Brownfield Property. Inclusion of Brownfield Property within any Plan will facilitate financing of eligible activities at eligible properties and will provide tax incentives to eligible taxpayers willing to invest in revitalization of eligible sites, commonly referred to as "Brownfields." By facilitating redevelopment of the Brownfield Property, this Plan is intended to promote economic growth for the benefit of the residents of the Charter Township of Commerce ("the Township"), Oakland County ("the County") and all taxing units located within. The identification or designation of a developer or proposed use for the Brownfield Property that is subject to this Plan shall not be integral to the effectiveness or validity of this Plan. This Plan is intended to apply to the eligible property identified in this Plan and, to identify and authorize the eligible activities to be reimbursed utilizing tax increment revenues. Any change in the proposed developer or proposed use of the eligible property shall not necessitate an amendment to this Plan, affect the application of this Plan to the eligible property, or impair the rights available to the Authority under this Plan. This Plan is intended to be a living document, which may be modified or amended in accordance with and as necessary to achieve the purposes of Act 381. The applicable sections of Act 381 are noted throughout the Plan for reference purposes. This Brownfield Plan contains information required by Section 13(2) of Act 381, as amended H. GENERAL PROVISIONS A. Descriotion of the Eliaible Prooertv (Section 13 (2)(h)) and Proiect The Eligible Property consists of two (2) legal parcels totaling approximately 159 acres with an estimated street address of 2922 Sleeth Road, Commerce Township, Oakland County, Michigan. The parcels and all tangible personal property located thereon will comprise the eligible property and is referred to herein as the "Property." The Property is located off Sleeth Road, roughly bounded by Stumpwood Drive and Ravinewood Drive East to the north, an access road and the property boundary to the east, Sleeth Road to the south, and Treeline Court and the property boundary to the west. Individual parcel information is outlined below. Former Parcel iD Address , � Approximatie Acreage ` Efigibility E-17-08-300-007 Not Available 157.04 acres Blighted" E-17-08-300-005 2922 Sleeth Road 1.93 acres "Blighted" PM Environmental, Inc. Page 2 Brownfield Plan for the proposed Reserve at Crystal Lake Located at 2922 Steeth Road, Commerce Township, Michigan PM Project No. 01-12318-0-0002; May 3, 2021 Commerce Investment Company, LLC an affiliate of Franklin Property Corporation and Whitehall Real Estate Interests or any affiliate, or such other developer as approved by the Authority, are collectively the project developers ("Developers"). Franklin Property Corporation ("Franklin") is a real estate investment, development, and consulting company headquartered in Farmington Hills, Michigan. In its capacities as both principal and consultant, Franklin Property Corporation has been involved in the management, development, and financing of millions of square feet of office, industrial, retail, and hotel properties and over 40 residential communities totaling in excess of 3,000 homesites in over 15 different municipalities. The Developer specializes in the acquisition and development of fine residential communities and commercial properties. Whitehall Real Estate Interests ("Whitehall") is a full -service real estate organization located in Novi, Michigan. Whitehall is committed to excellence in land acquisition, finance, development, and property management services. They offer expertise in a wide range of property types including retail, single- and multi -tenant office, light industrial, research and development and residential. The proposed project outlined within this Plan is part of Franklin and Whitehall's continued efforts to invest and further expand within the state. Based on historic sources reviewed within a Phase I Environmental Site Assessment (ESA) completed by McDowell & Associates September 2016, the Property was utilized as farmland by at least 1937 with a farmstead on the south-central portion until approximately 1967. By 1967 soil disturbances associated to mining operations began on the northeast portion of the Property, soil disturbances continued to expand within the northeastern portion of the Property through 1973 when it was purchased by Holloway Sand & Gravel Co. By 1983 the Property is depicted as a gravel pit with woods on the northwest portion. By 1997 the majority of the Property is disturbed, and open water is visible, with soil piles and conveyor equipment onsite. Operations continued to expand through the 2000's when the residence was demolished in 2009 and the former water well onsite abandoned. Significant soil overburden and a lake remain present today, with the most recent sale of the property to the Chaldean Catholic Church in 2011. The Property's legal description is included in Appendix A. Property location maps are included in Appendix B. The proposed redevelopment includes removing or mass grading of over 1,000,000 cubic yards of soil overburden as a result of the previous use of the Property. The site will then be graded, and water and sewer utilities will be installed to accommodate approximately 203 new homesites. The installation of these utilities includes the construction of approximately 9,300 linear feet of new, 4-6" lower pressure sanitary sewer and 7,300 linear feet of 16" water main along Sleeth Road. The existing lake will remain as a unique place -making feature for the community. Additional site improvements include storm sewers, paved roads, curbs, sidewalks, a bike path, and retaining wall to assist in reducing grading across the property. Site improvement activities are anticipated to begin in the late fall of 2021 or spring of 2022. Following completion of horizontal site improvements, the development team will enter into an agreement with one or more home builders who will begin new construction of the proposed individual residential units in 2023. Construction will continue over an estimated five-year period as individual lots are purchased and built. An investment of an estimated $23.1 million will be made to prepare the site for the sale and construction of individual lots into residential homes. Overall, the development is estimated to employ approximately 10 full time equivalent, temporary construction jobs per home totaling 2,030 within the Township over the next 5 years. With the PM Environmental, Inc. Page 3 Brownfield Plan for the proposed Reserve at Crystal Lake Located at 2922 Sleeth Road, Commerce Township, Michigan PM Project No. 01-12318-0-0002; May 3, 2021 average home priced at approximately $500,000, the estimated development value is more than $100,000,000. Preliminary site plans and renderings are included in Appendix C. B. Basis of Eliaibilitv (Section 13 (2)(h) and Section 2(o)) The Property is considered "Eligible Property' as defined by Act 381, Section 2 because: (a) it was previously utilized for a commercial or industrial purpose and (b) the Property is determined to be "blighted" as defined by Act 381, as amended. The Property meets the definition of "blighted" under Act 381, as amended because the property is owned by or under the control of the State Land Bank Authority (SLBA), whether or not located within a qualified local governmental unit. Additional documentation and description of the property's eligibility status is provided in Appendix D. C. Summary of Eliaible Activities and Description of Costs (Sec. 13 (2)(a-b)) Tax Increment Financing revenues will be used to reimburse the costs of "Eligible Activities" (as defined by Section 2 of Act 381) as permitted under the Brownfield Redevelopment Financing Act that include: Demolition, Infrastructure Improvements, Site Preparation Activities, and preparation of a Brownfield Plan and Act 381 Work Plan. A complete itemization of these activities and associated expenses is included in Table 1. The following eligible activities and budgeted costs are intended as part of the development of the property and are to be financed solely by the developer. All activities are intended to be "Eligible Activities" under the Brownfield Redevelopment Financing Act. The Authority is not responsible for any cost of eligible activities and will incur no debt. Department Specific Activities includes the excavation, transport and disposal and oversight of the Department Specific Activities at an estimated of $200,000. McDowell & Associates completed a draft Phase II ESA for the Property in September 2019, analytical results identified concentrations of polynuclear aromatic hydrocarbons (PNAs) in two of the nine soil samples analyzed above laboratory method detection limits (MDLs), but below current Michigan Department of Environment, Great Lakes, and Energy (EGLE) Part 201 Residential Generic Cleanup Criteria. No concentrations of other target analytes were identified above laboratory MDLs in any of the soil samples analyzed from the Property. The PNA concentrations represent a potential vapor intrusion concern for the future development. However, EGLE Site -Specific Volatilization to Indoor Air Criteria (VIAC) for PNAs has not been provided for the Property. Therefore, based on the current regulations, the Property would not be considered a "Facility". Due to the detected concentration of PNAs in soil being a potential vapor intrusion concern, the PNA impacted soils will be excavated and removed from the Property during redevelopment activities to address the indoor air pathway. Oversight by an environmental professional during site activities within the areas of the identified concerns and verification of soil remediation (VSR) sampling will be conducted to ensure all complete exposure pathways are eliminated prior to construction. PM Environmental, Inc. Page 4 Brownfield Plan for the proposed Reserve at Crystal Lake Located at 2922 Sleeth Road, Commerce Township, Michigan PM Project No. 01-12318-0-0002; May 3, 2021 2. Infrastructure Improvements includes the construction of curbs and gutters, landscaping and onsite paving within public easements or public right of ways, the construction and extension of an estimated 7,600 feet of watermain and 9,300 feet of low-pressure sanitary sewer along Sleeth Road, and professional fees related to infrastructure improvements at an estimated cost of $10,878,831. 3. Site Preparation includes land balancing, grading, staking, cut and fill operations, the construction of a retaining wall, utility relocation (gas, electric, phone, cable), and soft costs related to site preparation activities at an estimated cost of $5,585,000. 4. Preparation of the Brownfield Plan and Brownfield Plan Implementation and associated activities (e.g. legal fees, meetings with BRA, review by Township Attorney etc.) at a cost of approximately $60,000. 5. A 15% contingency of $2,499,575 is established to address unanticipated environmental and/or other conditions that may be discovered through the implementation of site activities. This excludes the cost of the preparation of the Brownfield Plan and Act 381 Work Plan. All activities are intended to be "Eligible Activities" under the Brownfield Redevelopment Financing Act. The total estimated cost of Eligible Activities subject to reimbursement from tax increment revenues is $16,723,831 with a potential $2,499,575 contingency, resulting in total estimated Eligible Activities of $19,223,406. However, a maximum reimbursement amount was established by the Township of $18,000,000. Therefore, the total cost for reimbursement to the applicant is a not -to -exceed amount of $18,000,000, unless the Plan is amended and approved by the OCBRA and the Township Board of Commerce Township. D. Estimate of Captured Taxable Value and Tax Increment Revenues (Sec. 13 (2)(c)) Incremental taxes on real property included in the redevelopment project will be captured under this Plan to reimburse eligible activity expenses. The base taxable value of the Property shall be determined by the use of the 2021 tax year tax values, which is $455,070. Tax increment revenue capture will begin when tax increment is generated by redevelopment of the Property, which is estimated to begin in 2023. The estimated taxable value of the completed development is $50,000,000. This assumes a five-year phase -in for completion of the redevelopment, which has been incorporated into the tax increment financing assumptions for this Plan. An annual increase in taxable value of 1 % has been used for calculation of future tax increments in this Plan. Table 2 details the estimate of captured tax increment revenues for each year of the Plan from the eligible property. Under Public Act 260 & 261 of 2003, once the SLBA conveys a piece of property to a non -tax exempt entity, they claim 50% of taxes collected on that property for a period of 5 years after the conveyance ("5/50" claim). Therefore, prior to reimbursement of tax increment revenue to the Developer, the SLBA will claim half of the tax revenues generated under the State Education Tax and the local tax millages for a period of 5 years. Prior to Developer reimbursement, to offset the SLBA's "5/50" claim on base taxes and the new/incremental Township Police SAD Voted and Fire SAD Voted taxes (if claim is made on SAD taxes), a reimbursement to tax authorities totaling $5,824 (or 50% of the local and non -capturable base taxes) and a reimbursement to the Township in the amount equivalent to 50% of the new/incremental taxes generated by the Township Police SAD Voted and Fire SAD Voted will occur annually. PM Environmental, Inc. Page 5 Brownfield Plan for the proposed Reserve at Crystal Lake Located at 2922 Sleeth Road, Commerce Township, Michigan PM Project No. 01-12318-0-0002; May 3, 2021 Additionally, prior to Developer reimbursement of eligible activities, payment of OCBRA Administrative fees of $5,000 per year will occur first. E. Method of Brownfield Plan Financinq and Description of Advances by the. Municipalitv (Sec. 13 (21fq!D Eligible activities will be financed by Commerce Investment Company, LLC. The Developer will be reimbursed for Eligible Activity costs as described in Section C and outlined in Table 1. Costs for Eligible Activities funded by the Developer will be repaid under the Michigan Brownfield Redevelopment Financing Program (Michigan Public Act 381, as amended) with incremental taxes generated by future development of the property. No advances will be made by the OCBRA nor the Township for this project. All reimbursements authorized under this Plan shall be governed by the Reimbursement Agreement. F. Maximum Amount of Note or Bonded Indebtedness (Sec. 13 (2)(e)) No note or bonded indebtedness will be incurred by any local unit of government for this project. G. Duration of Brownfield Plan (Sec. 13 (2)(f)). A maximum reimbursement duration for eligible activities has been established by the Township of 20 years from the start of capture. Statutorily, in no event shall the duration of the Plan, exceed 35 years following the date of the resolution approving the Plan, nor shall the duration of the tax capture exceed the lesser of the period authorized under subsection (4) and (5) of Section 13 of Act 381 or 30 years. The Property will become part of this Plan on the date this Plan is approved by the OCBRA. H. Estimated Impact of Tax Increment Financinq on Revenues of Taxing Jurisdictions (Sec. 13 (2)(g)) Taxes will continue to be generated to taxing jurisdictions on state and local millages at the base taxable value of $455,070 throughout the duration of this Plan totaling approximately $287,552 or $14,378 annually. Prior to Developer reimbursement of the new tax increment revenues generated by the project, a reimbursement will be made to taxing authorities to offset the SLBA's "5/50" claim on base taxes and Township Police SAD Voted and Fire SAD Voted incremental taxes (if claim is made on SAD taxes). Specifically, a reimbursement to tax authorities totaling $5,824 (or 50% of the local base taxes) and a reimbursement to the Township in the amount equivalent to 50% of the new/incremental taxes generated by the Township Police SAD Voted and Fire SAD Voted will occur annually to ensure a reduction in the existing taxes from the Property does not occur and the SAD receives the immediate increase in tax increment revenues from the project. Millages including the zoo authority, art institute, HV Debt, Fire SAD Voted, and Police SAD Voted are not capturable under the Plan for reimbursement and will have an immediate increase in tax revenue following redevelopment. However, these taxes are subject to the SLBA "5/50" claim. A summary of the impact to taxing jurisdictions for the life of the Plan is summarized below. PM Environmental, Inc. Page 6 Brownfield Plan for the proposed Reserve at Crystal Lake Located at 2922 S/eeth Road, Commerce Township, Michigan PM Project No. 01-12318-0-0002; May 3, 2021 See Table 2 for a complete breakdown of estimated available tax increment revenue and Table 3 for the estimated annual reimbursement. Miltage Rate veloper ReDeimbursement I SLBA Claim LBRF _" Capture Admin Fee Taxes Preserved for Taxing Unit* State Education 6.0000 $0 $443,174 $0 $0 $54,608 HV Operatinq** 0.0000 $0 $0 $0 $0 $0 Subtotal 6.0000 $0 $443,174 $0 $0 $54,608 Twp. Operating 1.4100 $1,147,293 $104,146 $40,333 $10,614 $12,833 Charter Deputies 0.3000 $244,105 $22,159 $8,581 $2,258 $2,730 Charter Library 0.3000 $244,105 $22,159 $8,581 $2,258 $2,730 Voted Library 0.6676 $543,215 $49,310 $19,097 $5,025 $6,076 Parks/Open Space 0.3753 $305,375 $27,721 $10,735 $2,825 $3,416 HV Sinkinq 0.9048 $736,220 $66,831 $25,882 $6,811 $8,235 CountyOperatinq 4.0200 $3,271,005 $296,927 $114,991 $30,261 $36,588 County P/R 0.3500 $284,789 $25,852 $10,012 $2,635 $3,185 County HCMA 0.2104 $171,199 $15,541 $6,018 $1,584 $1,915 OCC 1.5184 $1,235,496 $112,153 $43,433 $11,430 $13,820 ISD-Voted 3.0362 $2,470,504 $224,261 $86,850 $22,855 $27,634 ISD-Allocated 0.1918 $156,064 $14,167 $5,486 $1,444 $1,746 Subtotal 13.2845 $10,809,369 $981,224 $380,000 $100,000 $120,908 Total Capturable Millages 19.2845-- $10,809,369**** $1,424,398 $380,000 $100,000 $175,516 Non -Capturable Mil[ages by Brownfield TIF . Zoo Authority 0.0965 $0 $7,128 $0 $0 $85,791 Art Institute 0.1913 $0 $14,130 $0 $0 $170,072 HV Debt 7.0000 $0 $517,036 $0 $0 $6,223,217 Fire SAD Voted 2.4000 $0 $177,269 $0 $0 $2,310,943.83 Police SAD Voted 2.6220 $0 $193,667 $0 $0 $2,524,706.13 Total Non- Capturable Millaqes 12.3098 $0 I $909,230 $0 $0 $11,314,730 *Includes reimbursement of base taxes and SAD incremental taxes **Homestead Exemption *** While state taxes are eligible for capture and will be claimed under the SLBA's "5150" Claim, they're not included for capture by the OCBRA, nor the Developer under this Plan '**This estimate is based on a maximum 20 years reimbursement and will vary based on actual tax increment revenues generated Leaal Description. Property Map, Statement of Qualifvino Characteristics and Personal Propertv (Sec. 13 (2)(h)1 The legal description of the Property included in this Plan is attached in Appendix A. Property location maps are included in Appendix B. Documentation of characteristics that qualify the property as eligible property is provided in Appendix D. Personal property may be included as part of the eligible property to the extent that it is taxable personal property. J. Disolacement/Relocation of Individuals on Elioible Prooertv (Sec. 13 (21(i-Il) No displacement of residents or families is expected as part of this project. PM Environmental, Inc. Page 7 Brownfield Plan for the proposed Reserve at Crystal Lake Located at 2922 Sleeth Road, Commerce Township, Michigan PM Project No. 01-12318-0-0002; May 3, 2021 K. Other Material that the Authoritv or Governing Body Considers Pertinent (Sec. 13 2 m Conveying the property to the SLBA will allow for Brownfield TIF on infrastructure and site preparation activities to assist in filling a funding gap to make the project viable. This is being structured through conveyance of the property to the SLBA in a parallel agreement with the Purchaser Agreement (PA) between the Seller and Purchaser, with buy-back rights. In this arrangement, Seller and Purchaser have a PA which references the Land Banking Agreement (LBA), and the steps in the latter are triggered by the former. PM Environmental, Inc. Page 8 Appendix A 9�My ENVIRONMENTAL Services y, Engineering Legal Description No Address Sleeth Road, Commerce, Oakland County, Michigan: Parcel: E-17-08-300-007 T2N, RBE, SEC 8 SW 1/4 EXC S 210 FT OF E 400 FT OF W 1/2 OF E 1/2 OF SD SW 1/4, ALSO EXC BEG AT W 1/4 COR, TH N 89-37-26 E 300 FT, TH S 00-26-15 W 150 FT, TH S 89- 37-26 W 300 FT, TH N 00-26-15 E 150 FT TO BEG 157.04 A6/5/84 FR 004 Legal Description 2922 Sleeth Road, Commerce, Oakland County, Michigan: Parcel: E-17-08-300-005 T2N, R8E, SEC 8 S 210 FT OF E 400 FT OF W 1/2 OF E 1/2 OF SW 1/4 1.93 A Appendix B Environmental Engineering t.f ENVIRONMENTAL Services Parcel Map y R a � �. t,A ��Ac Q, t A?s aarfig � z.t AID !E",4`zSiyS°{M1s / f ro d if �f egli } y344 , y.. 1 v di§ t £ P Sgtb J ` o- ayi r t g J` °" ? 1 ; 4V sy �'�cyww � if y/ 4s u�tia� 'aid 5.. f B wNR w?� ppy ,;t ta a $? I,� i:w Pi- nVi I ,yr SJzyr, �'F 3§y„N,.ei - I tl ad t r r, e e.s5r SI - f`; e1f155i , kAp '17M q31 �y �t vg%J��p� 4 yzt � y d i$'PII 19M I n i. r e .y . [�?,- wc R+.a. . zromcoo:oo,a ,00 y,. cseA nmaomm Disclaimer The information provided hemmth has been compiled from recorded xP' Date Created 12M/2020 deeds, plats, tax maps, surveys and other public records, It is not a legally recorded O---rr—z� r��' om con:oo,o Q,00„ raaouml-FeMw Fwoanmo map or survey and is not intended to be used as one, Users should consult the Q� FEMA Eo.o Fmod Ew.mmoo Osoow FEMnFmmwm information sources mentioned above when questions anse FEMA Flocplam data may David Coulter NORTH FEMA C—SlId— ca000wnv. FEeA pompom not always be present on the map. Oakland County Executive finch =400 feet \7 � 0 � B56 p 656 a � 0 9S6 4 AR-ml 14 �i' I'V '-q '116 49V "All xw Ames XL%t%%vXvv at vrgaaa&,uaa%t Proposed Water Main Extension Prepared by Giffels Webster for Commerce Township Appendix C 20' BUFFER (MIN) 1 91 ; ; 9C _J L_._ �.�_ .,� b� � �< .� .�.� _9..�,� r. ,, LOL <D D. P�l , Wma gA I'_ mlF-*,mo 0 00!1\ C\1O4 1 Appendix D Documentation of the State Land Bank Authority's ownership of the property to be provided prior to approval and adoption of the Plan by the OCBOC Tables Table 1: Eligible Activities Cost Estimates Item/Activity I Department Specific Activities Excavation, Transport and Disposal of Contaminated Soils t $ Department Specific Activitie-m Sur' Tetai S Infrastructure Improvements Curbs and Gutters in Public Easement or ROW $ Landscaping in Public Easement or ROW $ Onsite Paving in Public Easement or ROW $ Water Mains $ Water Mains (Sleeth Road Extension) $ Sanitary Sewer Mains $ Sanitary Sewer Mains (Sleeth Road Extension) $ Professional Fees, Construction Management and General Conditions Directly Related to $ Infrastructure Improvements Infrastructure Sub -Total $ Site Preparation,: re aration Land Balancing; Cut and Fill $ Grading (including reasonable mass grading of entire project site) $ Staking Related to Other Eligible Activites $ Retaining Wall $ Utility Relocation (Gas, Electric, Phone, Cable) $ Professional Fees, Construction Management and General Conditions Directly Related $ to Site Preparation Activities Site' Preparation Sub -Total I$ Preparation and Implementation of Brownfield Plan Brownfield Plan $ Brownfield Plan Sub -Total I $ 15% Contingency' 1 $ TIF Capture for Local Brownfield Revolving Fund ' $ Administrative Fee I $ Estimated State Land Bank Authority "5/50" Claim i $ Tots `15% Contingency excludes preparation of Brownfield Plan/381 Work Plan and Pre -Approved Activit Estimated Taxable Value (TV) Increase Rate: 1% per year Plan Year 0 { 1 Calendar Year 2020 2023 *Base Taxable Value $ 455,070 $ 455,070 $ Estimated New Taxable Value $ 10,000,000 $ Incremental Difference (New TV - Base TV) $ 9,544,930 $ School Taxes`- Not Cariture [Vliita8e ROt�-._ State Education 6.0000 HV Operating (Homestead Exemption) 0.0000 School Total 6.0000 State Land Bank "5/50" Claim 'Local Caot6re Twp. Operating Charter Deputies Charter Library Voted Library Parks/Open Space HV Sinking County Operating County P/R County HCMA OCC ISD-Voted ISD-Allocated Local Total State Land Bank 'S/50" Claim Ta Tax Increment The Reserve 2 3 2024 202' 455,070 $ 20,000,000 $ 30, 19,544,930 $ 29, State Land Bank 5/50 Claim In Effect $ 2,730 $ 57,270 $ 117,270 $ $ 2,730 $ 57,270 $ 117,270 $ $ 28,635 $ 58,635 $ Millage Rate. 'i State Land Bank 5/50 Claim In Effect 1.4100 $ 642 $ 13,458 $ _ 27,558 $ 0.3000 $ 137 $ 2,863 $ ................ .. 5,863 $ 0.3000 $ 137 $ 2,863 $ _ 5,863 $ 0.6676 $ 304 $ 6,372 $ _ 13,048 $ 0,3753 $ 171 $ 3,582 $ 7,335 $ 0.9048 $ 412 $ 8,636 $ 17,684 $ 4.0200 $ 1,829 $ 38,371 $ 78,571 $ 0.3500 $ 159 $ 3,341 $ _ 6,841 $ 0.2104 $ _ 96 $ _ 2,008 $ 4,112 $ 1.5184 $ 091 $ 14,493 $ 29,677 $ 3.0362 $ 1,382 $ 28,980 $ _ 59,342 $ 0.1918 - $ - _ -87 -$ 1,831 $ - 3,749 $ 13.2845 $ 6,045 $ 126,800 $ 259,645 $ $ 63,400 $ 129,822 $ Ta Tax Increment The Reservc Estimated Taxable Value (TV) Increase Rate; Plan Year, 11 ; 12 13 14 Calendar Year 2033 2034 2035 2036 *Base Taxable Value $ 455,070 $ 455,070 $ 455,070 $ 455,070 $ Estimated New Taxable Value $ 53,076,008 $ 53,606,768 $ 54,142,835 $ 54,684,264 $ Incremental Difference (New TV - Base TV) $ 52,620,938 $ 53,151,698 $ 53,687,765 $ 54,229,194 $ SchooF7a>Ces -Not Captured - -_ Millage Rate State Education 6.01DOD $ 315,726 $ 318,910 $ 322,127 $ 325,375 $ HV Operating (Homestead Exemption) 0.0000 $ _ $ _ $ - $ _ $ School Total 6.0000 $ 315,726 $ 318,910 $ 322,127 $ 325,375 $ State Land Bank"5/50" Claim $ .. $ _ $ _ $ _ $ tocI Capture _. , < M311age Rate :. - Twp. Operating 1.4100 $ 74,196 $ 74,944 $ 75,700 $ 76,463 $ Charter Deputies 0.3000 $ 15,786 $ 15,946 $ 16,106 $ 16,269 $ Charter Library 0.3000 $ 15,786 $ 15,946 $ 16,106 $ 16,269 $ Voted Library - -- 0.6676 $ 35,130 $ 35,484 $ 35,842 $ 36,203 $ Parks/Open Space 0.3753 $ 19,749 $ 19,948 $ 20,149 $ 20,352 $ HV Sinking 0.9048 $ 47,611 $ 48,092 $ 48,577 $ 49,067 $ County Operating - - 4.0200 $ 211,536 $ 213,670 $ 215,825 $ 218,001 $ County P/R - -- ---- 0.3500 ----_--- --- ------ - - $ -------- 18,417 - ---- $ 18,603 $ 18,791 $ 18,980 $ County HCIVIA 0.2104 $ 11,071 ---- $ -- ------ - 11,183 ----- $ - ----- - 11,296 $ 11,410 $ OCC 1.5184 $ 79,900 $ 80,706 $ 81,520 $ 82,342 $ ISD-Voted 3.0362 $ 159,768 _ _ $ 161,379 $ 163,007 $ 164,651 $ ISD-Allocated 0.1918 $ 10,093 $ 10,194 $ 10,297 $ 10,401 $ Local Total 13.2845 $ 699,043 $ 706,094 $ 713,215 $ 720,408 $ State Land Bank "5/50" Claim $ - $ _ $ _ $ _ $ - Table 3: Developer Estimated - Total -Reimbursement -Proportionality State 0.00% Local 100.00% TOTAL Total Local Only Tax Increment Reimbursement Estimates The Reserve at Crystal Lake S_ chool & Local Taxes - Local -Only Taxes Total - $ $ $ IF Est" $ 10,809,369 $ - $ 10,809,369 Ye, 100,00% E $ 19,223,406 $ - $ 19,223,406 1 2 3 4 5 6 - 2023 ( 2024 i 2025-- 2026 l 2027 2028 Total Local Incremental Revenue Available for Reimbursement $ 63,400 $ 129,822 $ 196,245 $ 262,667 $ 329,090 $ 664, BRA Administrative Fee ($5,000/year) $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5, Reimbursement for SLBA "5/50" Claim on Local Base Taxes $ 5,824 $ 5,824 $ 5,824 $ 5,824 $ 5,824 $ Reimbursement for SLBA "5/50" Claim on Incremental SAD $ 23,967 $ 49,077 $ 74,187 $ 99,297 $ 124,407 $ Total Local TIR Available for Developer Reimbursement $ 28,609 $ 69,921 $ 111,234 $ 152,546 $ 193,859 $ 659, Total Local TIR Available _ $ _ : - 28,609 $ -69,921 - $ -111,234 $ --. ---152,546 . _ $ - `-193,859-- $ - , 653i Beginning DEVELOPER Balance DEVELOPER Reimbursement Balance E_$ 19,223,406E $ 19,194,797 j $ 19,124,875E $ _ 19,013,641 $ 18,861,095E $ - 18,667,236E $ 18,007-------------------------------------------------------------- Local Only EliRlble Activities $ 19,223,406 II State Tax Reimbursement $ - $ - $ - $ - I $ - $ Local Tax Reimbursement $ 28,609 $ 69,921 $ 111,234 $ 152,546 $ 193,859 $ 659, Total MSF Reimbursement Balance $ 19,194,797 $ 19,124,875 $ 19,013,641E $ 18,861,095 j $ 18,667,236 ( $ 18,007, .Total Annual Developer Reimbursement --- - - - - -- .-; $ 28,609 $ 69,921 $ 111,234 $ 152,546 $ 193,859 $ 659, LOCAL BROWNFIELD REVOLVING FUND LBRF Deposits * State Tax Capture $ _ - $ - $ - $ - $ - E $ _ Local Tax Capture $ - $ - $ _ $ - $ _ _ - $ Total LBRF Capture $ - _ $___..... _-_-__�$ $ Table 3: Tax Increment Reimbursement Estimates The Reserve at Crystal Lake Estimated Capture Administrative Fees $ 100,000 State Revolving Fund $ - LBRF $ 380,000 12 13 14 15 16 17 - - - - 2034 2035 2036 ) 2037 } 2038 ! 203 Total Local Incremental Revenue Available for Reimburse $ 706,094 $ 713,215 $ 720,408 $ 727,672 $ 73S,009 $ 7, BRA Administrative Fee ($5,000/year) $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ Reimbursement for SLBA "5/50" Claim on Local Base Tax $ - $ - $ - $ - $ - $ Reimbursement for SLBA "5/50" Claim on Incremental S, $ - $ - $ - $ - $ - $ Total Local TIR Available for Developer Reimbursement $ 701,094 $ 708,215 $ 715,408 $ 722,672 $ 730,009 $ 7E .Vote[ Local TIR,Avaliable ....: $ - -- .-.101;094 $' 708,21$ $ ,715;408 $ _-_ 722,672 $: _ _ 730,00W: $ - '_ 7 DEVELOPER DEVELOPER Reimbursement8olonce $-13,905,2291 $ 13,197,014 1 $ 12,481,606-1 $-11,758,934 1 $ _ 11,628 925 1 $_ 10,21 ------------------------------------------------------- Local Only Eligible Activities State Tax Reimbursement Local Tax Reimbursement Total MSF Reimbursement Balance Total Annual Developer _Reimbursement LOCAL BROWNFIELD REVOLVING FUND LBRF Deposits * State Tax Capture Local Tax Capture Total LBRF Capture $ 701,094 $ 708,215 5 715,408 $ 722,672 $ 730,009 $ 7: $ 13,905,22.9 $ 13,197,014 $ 12,481,606 1 $ 11,758,934 11 $ 11,028,925 $ 10,2! $ 701,094 $ 708,215 $ 715,408 $ 722,672 $ 730,009 _ $ 4 Net Prese - Is $ �$ $. $ -I$