FLINT, MI — A brownfield redevelopment approach for the former Riverview Industrial Park has been authorized by the city, a job that will grant homeowners a tax break of about $2.5 million in exchange for an expenditure of more than $14 million at the property on James P. Cole Boulevard.
The brownfield system for James P Cole Venture LLC was recently authorized by the City Council, about eight months just after an original community listening to on the undertaking, which phone calls for the renovation of approximately 110,000 sq. toes of current house and the development of 190,000 square ft of new industrial room.
Council users questioned developers about their task and the investors guiding the limited legal responsibility company prior to unanimously approving the brownfield program.
The property in query is the exact same industrial park that was also household to C3 Ventures Flint LLC, a privately held business that obtained a $5.7-million overall performance-dependent financial loan from the Michigan Economic Development Company in 2016.
That enterprise experienced mentioned it prepared to transform utilized drinking water bottles from Flint to make plastic automobile pieces for Tesla — a approach that never materialized.
Nicholas G. Maloof, a representative of James P Cole Undertaking, explained the new park possession consists of only a person formal who was included in that 2016 undertaking — Bob Waun, who briefly served as president and main govt officer of C3.
Other companions in James P Cole Undertaking are primarily based in the Detroit and Chicago regions, Maloof mentioned.
“This is a totally various group (and) they only get the revenue if they devote the money” redeveloping the property, he mentioned.
Waun claimed previously this calendar year that the property, which was most lately known as Riverview Industrial Park and the moment was property to a DuPont production facility, would be renamed, most likely by a new enterprise that would invest in the naming rights.
The job continue to demands web-site plan and zoning review approvals from the town, in accordance to paperwork introduced to the Metropolis Council.
Developers explained earlier contamination at the park skilled it for a brownfield tax credit rating.
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