Downtown Waterfront Redevelopment Plan - City of Alma

Downtown Waterfront Brownfield ProjectMedium-Term Action Items (Years Two – Five)• Commence relocation of Alma Iron and Metal, Inc., operation• Retain a consultant team to complete the detail design and construction for public waterfront improvements• Write grants for implementation• Complete construction of roads and utilities as detailed in the master plan• Complete construction of waterfront promenadeLong-Term Action Items (Years Six – Ten)• Continue redevelopment of waterfront area• Complete infill projects within the waterfront transition zone• Implement a Public Realm Improvement Plan (medians, crosswalks, entrances, resurfacing, sidewalks, streetfurniture, etc.)• Develop an event program to promote the Central Business District and waterfrontPotential Funding MechanismsThe following briefly describes potential funding sources for the projects mentioned above.Site Reclamation/Site Assessment GrantsOne of many funding sources for Brownfield projects, the Michigan Department of Environmental Quality administers$45 million in bond proceeds; $35 million for assessment and cleanup at sites where a developer has been identified,and $10 million for assessments at sites with redevelopment potential, available until funding is exhausted.Brownfield Redevelopment Financing ActUnder the Brownfield Redevelopment Financing Act, the City, through the local Brownfield Redevelopment Authority,can assist in funding:• Reimburse private and public parties for certain eligible activities including environmental cleanup andcertain infrastructure improvements. Eligible activities include: baseline environmental assessments, due carerequirements, additional response activities, plus financing costs and work plan costs. In addition, becauseAlma is a core community, eligible activities include infrastructure improvements, demolition of structures, leadasbestos abatement and site preparation activities that are not response activities.• Lease, purchase and convey property• Accept grants and donation of property, labor or “things of value” from public or private sources• Engage in lending and mortgaging activities associated with acquired propertyTax Increment FinancingTax Increment Financing (TIF) is a funding mechanism designed to help finance certain eligible improvements toproperty in designated redevelopment project areas by utilizing the new or incremental tax revenues generated by theproject after completion.47