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CITY OF MUSKEGON
DOWNTOWN DEVELOPMENT AUTHORITY
BROWNFIELD REDEVELOPMENT AUTHORITY
DATE OF MEETING: Tuesday, May 13", 2025
TIME OF MEETING: 10:30 A.M.
PLACE OF MEETING: City Hall Conference Room 204
933 Terrace, Muskegon, Ml
AGENDA
l. Roll Call
ll. Approval of minutes from 4/8/25
Hi Public comments on agenda items
IV. BRA Agenda Items- Contessa Alexander
A. Brownfield Plan Amendment- Lakeview Lofts Phase Il, 351 West Western Avenue
V. DDA agenda items- Contessa Alexander
A. Requested Alteration of Facade Grant at Forrest Tax Accounting Services
B. Consideration of additional Chalet Sponsorship for Meta Made
B. 2025/2026 Proposed Budget Overview
VI. Adjourn
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COMMITTEES OR SUBCOMMITTEES
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give comment, they must contact the City Clerk’s Office with at least a two-business day notice. The participant will
then receive a zoom link which will allow them to watch live and give comment. Contact information is below.
For more details, please visit: www.shorelinecity.com
The City of Muskegon will provide necessary reasonable auxiliary aids and services, such as signers for the hearing impaired and
audio tapes of printed materials being considered at the meeting, to individuals with disabilities who want to attend the meeting, 24-
hour notice to the City of Muskegon. Individuals with disabilities requiring auxiliary aids or services should contact the City of
Muskegon by writing or calling the following: Ann Marie Cummings, City Clerk at 933 Terrace Street, Muskegon, MI 49440 or by
calling (231) 724-6705 or TTY/TDD: Dial 7-1-1 and request that representative dial 231-724-6705
ice’
a MUSKEGON
M. Kleaveland made a motion to approve the resolution for the Brownfield Plan Amendment
located at 221 West Webster Ave. and 1040 2nd Street and further request staff to set a public
hearing before the Muskegon City Commission to consider adoption of the plan. Supported by A.
Boyd
Roll Call: Ayes: J. Kleaveland, H. Sytsema, A. Boyd, M. Bottomley, B. Hastings, J. Dornbos, S.
Black, J. Moore, K. Thornton, J. Seyferth
Nays: None
DDA agenda items-
Shaw Walker Work Plan 3 — EGLE Loan/Grant - Approval of Proposal from Barr Engineering Co. for
Professional Environmental Engineering and Consulting Services for the Former Shaw Walker
Furniture Company Facility (Building 5).
Background: Barr Engineering Co. has submitted a proposal dated March 25, 2025, to provide
environmental engineering and consulting services for the redevelopment of Building 5 at
theFormer Shaw Walker Furniture Company Facility. The proposed scope of work includes:
Preparation of Brownfield Work Plan 03: Approved by EGLE on March 12, 2025 (Budget: $3,000).
Completion Report for Selective Demolition and Abatement: Summarizing work completed,
including documentation of waste disposal, air monitoring, and related compliance activities
(Budget: $7,600). Project Management Support: Coordination of documentation and review of
invoices, along with regular meetings with contractors (Budget: $15,000). Total Budget: $25,600
(Time and materials basis). M. Kleaveland motioned to approve the proposal submitted by Barr
Engineering for the activities planned for Work Plan 3 and authorize the board chair to sign.
Supported by B. Hastings
Roll Call: Ayes: J. Kleaveland, H. Sytsema, A. Boyd, M. Bottomley, B. Hastings, J. Dornbos, S.
Black, J. Moore, K. Thornton, J. Seyferth
Nays: None
Acceptance of Financial Report 3/31/25 - The original budget includes a tax increment revenue of
$500,000. This number will need to be amended in order to include the increased amount of
$516,659. B. Hastings made a motion to approve the budget reforecast to include the increased
tax increment amount of $516,659. Supported by J. Moore.
Roll Call: Ayes: J. Kleaveland, H. Sytsema, A. Boyd, M. Bottomley, B. Hastings, J. Dornbos, S.
Black, J. Moore, K. Thornton, J. Seyferth
Nays: None
Vi. at 11:51AM
Adjourned
231.724.6705 | St,Muskegon, MI 49440-1397
933 Terrace | www.shorelinecity.com
CITY OF
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DEVELOPMENT SERVICES
DOWNTOWN DEVELOPMENT AUTHORITY (DDA) /
BROWNFIELD REDEVELOPMENT AUTHORITY (BRA)
REGULAR
BOARD MEETING
April 8, 320235
MEETING MINUTES
Meeting called to order at 10:31 am by M. Bottomley.
l. ROLL CALL
MEMBERS PRESENT: M. Kleaveland, H. Sytsema, A. Boyd, M. Bottomley, B. Hastings, J. Dornbos, S. Black,
J. Moore, K. Thornton, J. Seyferth
MEMBERS ABSENT: |B. Tarrant, K. Reid, J. Wallace, Jr
OTHERS PRESENT: J. Hines, A. Meisch and W. Webster
In the absence of C. Alexander and J. Eckholm, J. Seyferth was the staff liaison for this meeting.
Il. Approval of Minutes — H. Sytsema made a motion to approve the minutes from 3/11/25. Supported by J.
Moore. All in favor
Ill. Public comments on agenda items - None
IV. BRA agenda items- Contessa Alexander —
a. 221 W. Webster Ave., 221 West Webster LLC is requesting consideration of their brownfield plan
amendment for the redevelopment project located at 221 West Webster Avenue and 1040 2nd
Street.
Background: The City of Muskegon Brownfield Redevelopment Authority has received a
request from 221 West Webster, LLC for approval of a Brownfield Plan Amendment under Act 381.
The proposed amendment involves the completed redevelopment of the former Huntington Bank
building, known as Core Plaza, located at 221 West Webster Avenue & 1040 2nd Street,
Muskegon, MI 49440. The redevelopment, initiated in 2021 and completed in 2025, successfully
transformed the building into a multi-suite commercial structure featuring a restaurant, boutique
retail spaces,
and office space. The completed project consists of 42,888 sq ft of restored commercial space with
an estimated 45 jobs created. Approval of the Act 381 Brownfield Plan Amendment to include the
eligible property located at 221 West Webster Avenue & 1040 2nd Street within the City’s existing
Brownfield Plan. This amendment permits the use of tax increment financing (TIF) to reimburse
the developer for eligible activities totaling $838,500. The estimated administrative cost to the
Authority is $105,018, and the Local Brownfield Revolving Fund capture is estimated at $306,814.
J. Seyferth shared that if approved, it would send to city council tonight for their approval. Fishbeck was in
attendance and explained how the project activities are eligible per statute.
231.724.6705 | Ml 49440-1397
933 Terrace St, Muskegon, | www.shorelinecity.com
BRA Agenda Item A
Muskegon Brownfield Redevelopment Authority Board
Agenda Item A, 5/13/2025
Brownfield Plan Amendment, 351 Phase Il Redevelopment Project (Lakeview Lofts I!)
Requesting party: 351 Phase Il, LLC
Outline of request: Great Lakes Development Group, through the partnership 351 Phase Il, LLC
is requesting an amendment to the Citywide Brownfield Plan for reimbursement of eligible
activities related to their new construction project at 351 W. Western Avenue downtown,
Background: The project site, located at the corner of Western Avenue and Second Street, is
currently vacant but has been programmed for several years for a follow up mixed use building
to complement Lakeview Lofts 1, which was completed in 2019. The property has been blighted
with overgrowth and litter most of the period since the mall’s removal in 2000/2001. Further,
the developer has completed both a Phase | and Phase II Environmental Site Assessment (ESA).
The property will utilize the new “Housing TIF” language, as amended, to offset potential
financing gap (potential rent loss) and as such the property qualifies as an
eligible property under the Michigan Redevelopment Financing Act, Act 381 of 1996.
A Brownfield Plan has been established to reimburse both existing and anticipated eligible costs
to the developer. Tax increment revenues (TIR) will be captured from local and state sources to
facilitate this reimbursement. The total cost of eligible activities anticipated for reimbursement,
inclusive of contingencies, is estimated at $6,540,560. Additionally, the BRA administrative
costs are expected to be up to $384,333, with an estimated capture of TIR for the Local
Brownfield Revolving Fund (LBRF) up to $2,153,727.
Staff comments:
Project Overview and Tax Increment Financing Plan
This new construction project, with an initial taxable value set at the 2025 combined amount of
$12,965 , is scheduled to begin construction in Summer 2025 and reach completion by fall
2026. Upon completion, the taxable value ofthe property is projected to increase to
approximately $4,048,560.
Tax Increment Revenue (TIR) Collection
Tax increment revenue collection will commence within five years of the plan’s adoption,
anticipated to start as early as 2027. An estimated schedule of captured taxable value by year is
presented in Table 2 of the Brownfield Plan. Reimbursements will be based on the actual tax
increment realized. Once all eligible expenses have been reimbursed, the Brownfield
Redevelopment Authority (BRA) may capture up to five additional years of tax increment
revenues to deposit into the Local Brownfield Revolving Fund (LBRF), or until the total eligible
activity costs are met, whichever is sooner.
Public Act 147 Neighborhood Enterprise Zone Tax Abatement
The project is also seeking a 12-year tax abatement under Public Act 147, the Neighborhood
Enterprise Zone Act, to support the redevelopment efforts.
MEDC RAP 1.0 Grant
The City of Muskegon is also a recipient of a $5,000,000 Redevelopment and Placemaking Grant
to be applied to the Lakeview Lofts II project.
Plan Duration and Capture Timeline
The plan is designed to remain in place for 30 years or until all eligible activities are fully
reimbursed. If eligible costs are covered sooner, up to five additional years of TIR capture may
continue for LBRF funding. However, the maximum plan duration will not exceed 35 years.
Eligible Activities and Costs
The following are the estimated costs for eligible activities under this plan:
« Site Assessment and Baseline Environmental Assessment Activities: $33,000
e Housing Development Activities:
- Due Care Activities: $860,000
- Site Preparation: $75,000
- Potential Rent Loss: $5,542,560
¢ Brownfield Plan/Work Plan Preparation and Implementation: $30,000
Total Cost for All Eligible Activities: $6,540,560
Staff Recommendations: City staff and the city’s contracted brownfield consultant have
reviewed all materials with the submitted request and have no concerns or objections,
recommending approval as presented.
Suggested motion: | move to approve the resolution for the Brownfield Plan
Amendment for the 351 Phase I! Development Project and further request staff to set a public
hearing before the Muskegon City Commission to consider adoption of the plan.
CITY OF MUSKEGON
BROWNFIELD REDEVELOPMENT
AUTHORITY
BROWNFIELD PLAN AMENDMENT
351 PHASE Il
REDEVELOPMENT PROJECT
March 6, 2025
Original Plan Approved by the Board of the City of Muskegon Brownfield Redevelopment
Authority on February 23, 1998, as amended, including this Amendment on
Original Plan Approved by the City Commission of the City of Muskegon on
¢
April 14, 1998, as amended, including this Amendment on
City of Muskegon Brownfield Plan Amendment
351 Phase II Redevelopment Project
CITY OF MUSKEGON
BROWNFIELD REDEVELOPMENT AUTHORITY
BROWNFIELD PLAN
INDEX
Page
INTRODUCTION 1
GENERAL PROVISIONS 1
NN=
A. Costs of the Brownfield Plan
B. Maximum Amount of Indebtedness
C. Duration of the Brownfield Plan
D. Displacement/Relocation of Individuals on
NN
Eligible Properties
E. Local Site Remediation Revolving Fund
SITE SPECIFIC PROVISIONS 3
Kirksey/Anaconda Property (Approved 4/14/98)
ZErALS-TOMmMIOD>
Dilesco Corporation Property (Approved 8/11/98)
Beacon Recycling (Approved 7/11/00)
Verplank Dock Company (Approved 5/27/03)
Gillespie Development Property (Approved 8/12/03))
Loft Properties, LLC Property (Approved 8/12/03)
Parmenter O’Toole Property (Approved 8/12/03)
“The WaterMark” Project (Approved 5/25/04)
Northern Machine Tool (Approved July 13, 2004)
Terrace Lots Office Building (Approved July 13, 2004)
Art Works Apartments (Approved July 27, 2004)
Former Muskegon Mall (Approved October 12, 2004)
Vida Nova at Edison Landing (Approved 10/10/06)
Western Ave. Properties LLC and Port City Development Services, LLC
(Approved 10/10/06)
Viridian Place at Edison Landing (Approved 10/24/06)
CHHOMOVO
Hot Rod Harley (Approved March 27, 07)
Sidock Building Project (Approved June 12, 07)
Heritage Square Town Homes (Approved 1/8/08)
Betten Auto Dealerships (Approved 5/13/08)
Parkland Muskegon Mixed Use Project (Approved 6/24/08)
Terrace Point Landing Redevelopment Project (Approved 5/14/13)
(Amended )
. P&G ne NY, LLC (Approved 1/10/17)
<
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City of Muskegon Brownfield Plan Amendment
351 Phase I! Redevelopment Project
|. INTRODUCTION
In order to promote the revitalization of commercial, industrial, and residential properties
within the boundaries of the City of Muskegon (the “City”), the City established the City
of Muskegon Brownfield Redevelopment Authority (the “Authority”) pursuant to the
Brownfield Redevelopment Financing Act, P.A. 381 of 1996, as amended (“Act 381”),
and a resolution adopted by the Muskegon City Commission on February 10, 1998.
Terms defined in Act 381 and applicable sections of the statute are noted in italics
throughout this document.
The major purpose of this Brownfield Plan (“Plan”) was to promote the redevelopment of
eligible properties within the City that are impacted by the presence of hazardous
substances in concentrations that exceed Michigan’s Part 201 Generic Cleanup Criteria
(“facilities”) or that have been determined to be Functionally Obsolete, Blighted, Historic
Resources, or Housing Property. Inclusion of property within this Plan can facilitate
financing of environmental response activities, infrastructure improvements, demolition,
lead or asbestos abatement, and site preparation activities, and housing development
activities at eligible properties; and may also provide other incentives to eligible
taxpayers willing to invest in revitalization of eligible properties. By facilitating
redevelopment of underutilized eligible properties, the Plan is intended to promote
economic growth for the benefit of the residents of the City and all taxing units located
within and benefited by the Authority.
This Plan is intended to be a living document, which can be amended as necessary to
achieve the purposes of Act 381. It is specifically anticipated that properties will be
continually added to the Plan as new projects are identified. The Plan contains general
provisions applicable to the Plan, as well as property-specific information for each
project. The applicable Sections of Act 381 are noted throughout the Plan for reference
purposes.
This Brownfield Plan contains the information required by Section 13(2) of Act 381, as
amended. Additional information is available from the Muskegon City Manager or the
Director of Planning and Economic Development.
ll. GENERAL PROVISIONS
A. Costs of the Brownfield Plan (Section 13(2)(a))
Any site-specific costs of implementing the Plan are described in the site-specific
section of the Plan. Site-specific sources of funding may include tax increment
financing revenue generated from new development on eligible brownfield
properties, state and federal grant or loan funds, and/or private parties. Where
private parties finance the costs of eligible activities under the Plan, tax
increment revenues may be used to reimburse the private parties. The initial
costs related to preparation of the Plan were funded by the City's general fund.
Subsequent amendments to the Plan may be funded by the person requesting
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City of Muskegon Brownfield Plan Amendment
351 Phase I] Redevelopment Project
inclusion of a project in the Plan, and if eligible, may be reimbursed through tax
increment financing.
The Authority intends to pay for administrative costs and all of the things
necessary or convenient to achieve the objectives and purposes of the Authority
with fees charged to applicants to be included in the Plan and any eligible tax
increment revenues collected pursuant to the Plan, in accordance with the
provisions of Act 381, including, but not limited to:
i) the cost of financial tracking and auditing the funds of the Authority,
ii) costs for amending and/or updating the Plan, including legal fees, and
iii) costs for Plan implementation
Tax increment revenues that may be generated and captured by this Plan are
identified in the site-specific sections of this Plan.
B. Summary of the Eligible Activities Proposed for Eligible Property
(Section 13(2)(b))
The site-specific sections of the Plan will outline the eligible activities proposed
for each eligible property. Site-specific eligible activities may include any eligible
activity allowed under Act 381.
C. Estimate of the Captured Taxable Value and Tax Increment Revenues
for Each Year of the Plan from Eligible Property (Section 13(2)(c))
The site-specific sections of the Plan will outline the estimated captured taxable
value and tax increment revenues for each year generated from the eligible
property. Capture may include the use of part or all of the captured taxable
value, including deposits into the local brownfield revolving fund. Capture will be
allowed to the extent authorized under Act 381.
D. Method for Financing Costs of Plan and Bonded Indebtedness (Section
13(2)(d) and (e))
The City or Authority may incur some debt on a site-specific basis. Please refer
to the site-specific section of the Plan for details on any debt to be incurred by
the City or Authority. When a property proposed for inclusion in the Plan is in an
area where tax increment financing is a viable option, the Authority intends to
enter into Development and Reimbursement Agreement with the property
owners/developers of properties included in the Plan to reimburse them for the
costs of eligible activities undertaken pursuant to the Plan. Financing
arrangements will be specified in the Development and Reimbursement
Agreement, and also identified in the site-specific section of the Plan.
2 3/7/2025
City of Muskegon Brownfield Plan Amendment
351 Phase II] Redevelopment Project
E. Proposed Beginning Date and Duration of the Brownfield Plan (Section
13(2)(f))
The Plan, as it applies to a site-specific eligible property, shall be effective up to
five (5) years after the year in which the total amount of any tax increment
revenue captured is equal to the total costs of eligible activities attributable to
the specific eligible property, or thirty (30) years from the date of first tax
capture under the Plan as it relates to an individual site, whichever is less. The
total costs of eligible activities include the cost of principal and interest on any
note or obligation issued by the Authority to pay for the costs of eligible
activities, the reasonable costs of a Work Plan, the actual costs of the Michigan
Department of Environment, Great Lakes and Energy, Michigan Strategic Fund,
or Michigan State Housing Development Authority's review of the work plan,
and implementation of the eligible activities.
F. Estimate of Future Tax Revenues of all Taxing
Jurisdictions (Section 13(2)(q))
The site-specific sections of the Plan will outline the future tax revenues of all
taxing jurisdictions with the inclusion of a tax increment financing table
highlighted the projected revenues in accordance with Act 381.
G. Legal Description of the Eligible Property (Section
13(2)(h))
The site-specific sections of the Plan will outline the eligible property included in
the Plan in accordance with Act 381.
H. Displacement/Relocation of Individuals on Eligible
Properties (Section 13(2)(i), @(W()
The site-specific section of the Plan will address these criteria if they are present
at the time of amendment consideration to the Plan.
|. Local Brownfield Revolving Fund (Section 8; Section 13(5)(b))
Whenever the Plan includes a property for which taxes will be captured through
Tax Increment Financing (“TIF”) provided by Act 381, it is the Authority's intent to
establish a Local Brownfield Revolving Fund ("Fund") and deposit funds into the
Fund. The Fund will consist of tax increment revenues that exceed the costs of
eligible activities incurred on an eligible property, as specified in Section 13(5) of
Act 381. Section 13(5) authorizes the capture of TIF from an eligible property for
up to 5 years after the time that capture is required for the purposes of
reimbursing the costs of eligible activities identified in the Plan. It is the intention
of the Authority to continue to capture tax increment revenues for up to 5 years
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City of Muskegon Brownfield Plan Amendment
351 Phase I] Redevelopment Project
after eligible activities are funded from those properties identified for tax capture
in the Plan, provided that the time frame allowed by Act 381 for tax capture is
sufficient to accommodate capture to capitalize a Fund. The amount of school
operating taxes captured for the Fund will be limited to the amount of school
operating taxes captured for eligible department specific activities under the Plan.
It may also include funds appropriated or otherwise made available from public or
private sources.
The Fund may be used to reimburse the Authority, the City, and private
parties for the costs of eligible activities at eligible properties and other costs
as permitted by Act 381. It may also be used for eligible activities on eligible
property for which there is no ability to capture tax increment revenues. The
establishment of the Fund will provide additional flexibility to the Authority in
facilitating redevelopment of brownfield properties by providing another
source of financing for necessary eligible activities.
SITE SPECIFIC PROVISIONS
351 PHASE II REDEVELOPMENT PROJECT
1. Eligibility and Project Description(Sec. 13(2)(h))
Project Description
The eligible property comprising the 351 Phase Il Redevelopment Project
included in this Plan is approximately 0.5 acres of partially improved and vacant
land located at the corner of W. Western Ave. and 2TM Street in downtown
Muskegon, Michigan (see Attachment A-1). The parcel numbers/legal
description of the eligible property are:
Parcel #61-24-233-000-0007-01; Legal description as follows:
CITY OF MUSKEGON DOWNTOWN MUSKEGON DEVELOPMENT CENTER NO 1 A SITE
CONDOMINIUM UNIT 7A
Parcel #61-24-233-000-0007-02; Legal description as follows:
CITY OF MUSKEGON DOWNTOWN MUSKEGON DEVELOPMENT CENTER NO 1 A SITE
CONDOMINIUM UNIT 7B
Parcel #61-24-233-000-0007-03; Legal description as follows:
CITY OF MUSKEGON DOWNTOWN MUSKEGON DEVELOPMENT CENTER NO 1 A SITE
CONDOMINIUM UNIT 7C
The eligible property includes all real and new taxable personal property.
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City of Muskegon Brownfield Plan Amendment
351 Phase II Redevelopment Project
351 Phase II, LLC (the “Developer”’) will redevelop two of the remaining vacant
parcels of the former Muskegon Mall property located at the corner of W.
Western Ave. and 2" Street in downtown Muskegon (the “Property”) into a
mixed-use project with residential and first-floor retail space (the “Project”). The
Project will include department specific activities (i.e. baseline environmental
assessment activities) and housing development activities to support
development of a new mixed-use development at the Property.
The Project involves the construction of a new five (5) story mixed-use addition to
the original Lake View Lofts project and includes a mix of studio and one-
bedroom units with approximately 3,112 square feet of first floor retail space with
residential units above located at the corner of W. Western Ave. and 2" Street.
In total, the Project will include sixty-four (64) new residential units (adding to the
existing twenty (20) units for a total of 84 units), consisting of forty-one (41)
studios and twenty-three (23) one-bedroom units. The Developer is seeking to
utilize the new Housing TIF program and intends to designate fifty percent (50%)
of the new units (32 units) for tenants earning 120% area median income or less
for a period of thirty (30) years. The Project will facilitate the development of
housing projected to be rented to households earning 120% of the area median
income or less, of which there is a demand for 698 units by 2027 as identified by
the City of Muskegon Housing Needs Assessment, linked below:
https://muskegon-mi.gov/cresources/Muskegon-Housing-Needs-Assessment-23-
27.pdf
The Project is expected to include construction of new covered parking that will
support the housing. The Project is expected to commence in summer/fall 2025
and be completed over a 15-month construction period. Total capital investment
is estimated at approximately $27.7 million. A proposed site plan is included in
Attachment A-2.
Eligible Activities, Financing, Cost of Plan (Sec. 13(2) (a),(b),(c),(d),(e),(q))
Developer will seek tax increment financing (“TIF”) from available local taxes and
state school taxes, as applicable, for eligible activities conducted on the Property,
including department specific activities (i.e. baseline environmental assessment
activities) and housing development activities. The chart below presents
estimated costs of the eligible activities for the Project that qualify for TIF
reimbursement.
Eligible Activities
Baseline Environmental Assessment Activities $ 33,000
Housing Development Activities
- Infrastructure Improvements $ 860,000
- Site Preparation $ 75,000
- Potential Rent Loss $ 5,542,560
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City of Muskegon Brownfield Plan Amendment
351 Phase Ii Redevelopment Project
Sub-total $ 6,510,560
Brownfield Plan/Work Plan Preparation and
Development $ 30,000
Total Eligible Activities
to be paid for under this Plan $ 6,540,560
The eligible activities described above will occur on the Property and are further
described as follows:
1. Department Specific Activities. Costs associated with due diligence
for acquisition of the Property, including Phase | & I] Environmental
Site Assessment preparation costs.
2. Housing Development Activities. Housing development activities
include financing gap support (i.e. potential rent loss) that supports
delivery of attainable housing, site preparation to support housing
property, and infrastructure improvements to support housing
property. See Attachment A-4 for Housing Subsidy Calculation.
3. Brownfield/Work Plan Preparation and Development: Costs
incurred to prepare and develop this brownfield plan and a work
plan, as required per Act 381 of 1996, as amended.
An estimate of the captured taxable value and future tax increment revenues,
which includes the impact on the taxing jurisdictions, is attached as Attachment
A-3.
The cost to conduct the Project eligible activities included in this Plan will be
initially provided by 351 Phase Il, LLC and they will seek reimbursement for
eligible activities through tax increment financing from local and state taxes. The
Downtown Development Authority Tax Increment Financing Plan (“DDA TIF
Plan”) has priority for capture of incremental property tax capture from the
Property. The Project has requested support from the DDA to waive its capture
so the Authority may capture 100% of the available captured taxable value from
the Property to reimburse the developer for eligible activities incurred for the
Project. This Plan assumes 100% capture of the captured taxable value
generated from the Project. No advances via bond or notes will be made from
the City for this Plan.
Basis of Eligibility:
The Property is considered “Housing Property” under Act 381. Therefore, the
Property is considered "Eligible Property" under Act 381 of 1996, as amended.
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City of Muskegon Brownfield Plan Amendment
351 Phase I! Redevelopment Project
Effective Date of Inclusion in Brownfield Plan and Duration of Capture (Sec.
13(2)(f) and Sec. 13b(16)
The 351 Phase Il Redevelopment Project was added to the Plan upon adoption
of this Plan Amendment by the City of Muskegon City Commission. The
proposed beginning date and duration of capture will commence in 2027 and
reimbursement will continue until the earlier of full reimbursement or through
taxes captured from the 2056 tax year, plus up to five (5) years of capture for
deposit into the Fund, if available.
Estimates of the number of persons residing on each eligible property to
which the plan applies and the number of families and individuals to be
displaced. If occupied residences are designated for acquisition and
clearance by the authority, the plan must include a demographic survey of
the persons to be displaced, a statistical description of the housing supply
in the community, including the number of private and public units in
existence or under construction, the condition of those in existence, the
number of owner-occupied and renter-occupied units, the annual rate of
turnover of the various types of housing and the range of rents and sale
prices, an estimate of the total demand for housing in the community, and
the estimated capacity of private and public housing available to displaced
families and individuals. (MCLA 125.2663(2)(i))
The portion of the Property the expansion will take place on is vacant and does
not currently have anyone residing on it. Therefore, the Project will not result in
any displacement of individuals. This Section is inapplicable as the Plan will not
displace anyone.
A plan for establishing priority for the relocation of persons displaced by
implementation of the Plan, if applicable. (MCLA 125.2663(2)(j))
This Section is inapplicable as the Plan will not displace anyone.
Provision for the costs of relocating persons displaced by implementation
of the Plan, and financial assistance and other reimbursement of expenses,
if any. (MCLA 125.2663(2)(k))
This Section is inapplicable as the Plan will not displace anyone.
A strategy for compliance with the Michigan Relocation Assistance Act, if
applicable. (MCLA 125.2663(2)(I))
This Section is inapplicable as the Plan will not displace anyone.
7 3/7/2025
City of Muskegon Brownfield Plan Amendment
351 Phase II Redevelopment Project
Other material that the Authority or the City Council considers pertinent.
(MCLA 125.2663(2)(m))
The Project will provide new much-needed attainable and market rate housing,
as well as providing long-term increased property tax base to the City of
Muskegon. The Project will redevelop two vacant parcels in downtown
Muskegon at the site of the former Muskegon Mall.
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City of Muskegon Brownfield Plan Amendment
351 Phase Il Redevelopment Project
- ATTACHMENT A-1
SITE MAP
9 3/7/2025
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City of Muskegon Brownfield Plan Amendment
351 Phase Il Redevelopment Project
ATTACHMENT A-2
PROPOSED SITE PLAN
10 3/7/2025
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City of Muskegon Brownfield Plan Amendment
351 Phase I] Redevelopment Project
ATTACHMENT A-3
TAX INCREMENT FINANCING TABLE
ll 3/7/2025
Ta
Lake View Lofts
‘Muskegon, Michigan
‘March 6, 2025
Estimated Tanable Valve (IV) Increase Rate: 29, Cee vear
Plan Yea: 2 3 4 5 6 7 8 Fy 10 uu 2 3 | a 5 Tietel banyan beer
Calendar Year 2025 2026 2027 2028 2029 2030 2031 2032 2033 20344 2035 2036 2037 2038 2039 2040 2041 2042 2083
BareTarableValue $ 352200 $ 352,200 $ 352,200 $ 352,200 $ 352,200 $ 352,200 $ 352,200 $ 352,200 $ 352,200 $ 352,200 $ 352200 $ 352,200 $ 352,200 $ 352,200 $ 352,200 $ 352,200 $ 352,200 $ 352.200 $352,200
EstimatedNewTV $ 352,200 $ 352,200 $ 359,244 $ 366,429 $ 373,757_$ 381,233 $ 388857 _$ 396,634 $ 404567 $ 412653 $ 420,912 $ 429,330 $ 437,916 $ 446,675 _$ 455,603 $ 464,720 $ 474015 $ 483,495 $ 493,165
Incremental Difference (New TV-Base TV) $ oa $ - $ 704 $ 14229 $ 21557 $ 29,033 $ 36,657 $ 44434 § 52,367 $ 60,458 $ 68,712 $ 7,130 $ 85,716 $ 94475 $ 103,408 $ 112,520 $ 121815 $ 1231295 $ 140,965
State Education Tax (SET) 6.0000 $ -_$ -_$ 42_$ 463 $ 514_$ s67_$ 620_$ ems $ 731 $ 788 $ 846
School Operating Tax 18.0009 $ -_ $ - $ 17 $ 1,383 $ 1543 $1,701 1 $ 861 2 $ .025 $ 2,193 $2363 $2,537
‘School Total 24,0000 $ 7 ts 169 $ $ $ 4257 $ 1,451 $ 2,851 $ = 2,057 $ 2,267 § 2,482 § 2,700 $ 2,924 $ 3151 § 3,383
County Operating 5.6097 $ -_$ -_$ 4 $ so $ 121 $ 163 $ 206 $ 249 $ 234 $ 339 $ 385_$ 433_$ 431 $ 530_$ sso $ 61 $ 633 $ 37 $ 791
Gity Operating 9.8854 $ -_$ -_$ @ $ 140_$ 212_$ 286 $ 361 $ 438 $ 516 $ 596 $ 677 $ 760_$ 845 $ 31 $ 1,019 $ 1,109 $ 1,201 $ 1,294 $ 1389
Gy Sanitation 2.9364 $ =_$ -_$ as 42_$ as 85 _$ 103 $ 330 $ 154 $ 178 $ 202_$ 26 $ 252_$ 27 $ 308 $ 330_$ 358 $ 336 $ aia
Hadley Ubrary 2.3516 $ i$ > $ 7 $ 33:5 51 $ es S$ 104 $ 123 $ 142_$ 162_$ 181 $ 202_$ 222_$ 243 $ 265 $ 236 $ 309 $ 331
County Veterans aos $ -_$ -_$ 1 $ 1s 2 § 23 3 $ 3.3 4 $ 4$ 5s 6 $ 6 $ 7$ 8 $ 8 $ 9 $ 10_$ 10
Serbot CRizeas Sve. oas2n $. -_$ =~ $ 3_§ 7$ 1 $ 14 $ 18 $ 22_$ 26 $ 30 $ 4S 33 $ 42$ 46 $ 51 $ 55_$ os 6 $ a
Central Dispatch 2982 $ -_$ = § 2$ 4s 6s os uu $ 3S 15_$ 18 $ 20 $ Bs 3 $ 2s 31 $ 33. $ 36 $ 39 $ 42
Comm College 2.1683 $ -_$ oS 1s $ 31_$ 47_$ as 20 $ $6 $ 114 $ 131 $ 149 $ 167_$ 186 $ 205 $ 224 $ 244 $ 264 $ 235 $ 206
46773 $ -_$ -_$ 33_$ 7 $ 101 $ 136 $ m_$ 203_$ 245 $ 233 $ 321_$ 361 $ 401 $ 442 $ 434 § 526 $ s70_$ 614 $ 69
MAISO. 39 $ 42 $ 45
City Museum 0.3169 $ _ 3s - $ 28 5 $ 7$ 98 2 $ 4 $ v7 $ 19 $ 2 $ 24 $ 7 $ 30 $ 3 $ 36 $
Local Total 28.7718 $ 7 $ - $ 203 $ 409 § 620 $ as $ 61055 § «691,279 $ = 507 $4,740 § 1977 $ = -2,220 $= 2457 $719 $ 2,976 $ 3,238 $ 3,508 $ 3,778 $ 4,057
re rate
Noncaptuabeniteres
Hackley Debt 0.4999 $ = $ -$ 4s 7 us 15_$ 18 $ ns 26 $ 30_$ 34 $ 39_$ a3 $ 47_$ 528 56S a $ 6S 70
MPS Debt 2020 0.0500 $ -_$ -_$ os 1$ 1$ 1$ 2$ a5 333. 3.$ 3.$ 4$ 4$ 5s s.$ 6S 6s 7.5 7
MPS Debt 2021 7.7000 $ -_$ -_$ 4S 110_$ 166 $ 224 $ 232_$ 242_$ 403 $ 466 $ 529 $ 594 $ 660_$ R7_$ 736 $ 866 $ 938_$ 1,011 $ 1,085,
Comm College Debt 0.2700 $ -_$ > $ 2$ 4s 6 $ 8S 10 $ 12_$ 4 $ 16_$ 19.$ 2$ Bs 26 $ 23_$ 30_$ 33 $
118 $ 35_$$
128 38
137
MPS Sinking Fund 09712 $ = $ os $ 7 3 4 $ 21 $ 23 $ 36 $ a3 $ si $ ss a $ ms $ 83 $ 2 § 100 $ 109 $
Total Non-Capturable Taxes 9.4911 $ i $ = 3 a $ Bs $ 205 $ 276 $ 348 $ a2 $ 497 $ 574 $ 652 $ T2_$ 814 $ 897 $ sai $ 1068 $ 1156 $ 1246 $ 1,338
Total Tax Increment Revenue (TIR) Available for Capture $ $ -$ 372 $ 751 $ 1,138 $ 1,532 $ 1,935 $ 235 $ 2764 $ 3,191 $ 3,626 $ 4,071 $ 4524 $ 4936 $ 5458 $ 5,939 $ 6429 $ 6929 $ 7440
JAssurres milages rates rerrain the same
- Commercial (Phase f)
‘Tax Increment Revenue Capture Estimates
Lake View Lofts
Muskegon, Michigan
‘March
6, 2025
Estimated Taxable Value (TV) Increase Rate:
Frey cae ORIN [ee Soe! te ee eee wars Rear enka Dt a te es Oe rea ee BC Sas So Sse Sea TOTAL
Calendar Year 2044 2045 2046 2017 2043 2049 2050 2051 2052 2053 2054 2055 2056
BaseTaxableValue $ 352,200 $ 352200 $ 352,200 $ 352,200 $ 352,200 $ 352,200 $ 352,200 $ 352,200 $ 352.200 $ 352,200 $ 352200 $ 352,200 $ 352200] $ 352,200
TV $ 503,028 $ 513,039 $ 523351 $ 533818 $ —S444as $ 555384 $ 565492 $ 577,821 $ 559378 $ GOINGS $ 613,189 $ 625452 $ 37,962] $ _637,962
Difference (New TV-Base TV) $
Incremental 150,828 $ 160,889 $ 174,151 $ 181,618 $ 192294 $ 203,184 $ 214292 $ 225,621 $ 237178 $ 248,965 § 260,989 $ 273252 $ 285,762} $ 285,762
State Education Tax (SET) 6.0000 $ 905 $ 965 $ 1,027_$ 1,020_$ 1,154 $ 1,219 $ 1,286 $ 1,354 $ 1,423 $ 1434 $ 1565 $ 1.640 $ 1,715] $ 24,087
School Operating Tax 18.0000 S205 $2835 $3081 3
$ .269 $34st 3
§ .657 $3857 $4061 $4.269 $_4ast §
__4ge3 §__49i9 $§ _5,144)$ 721AL
‘School Total 24,0000 $ 3,620 $ 3861 $ 4108 $ 4359 $ aes $ 4876 $ 5143 $ 5,415 $ 5,692 $ 5,975 $ 6264 $ 6558 $ 6,858] $ 96,188
Local Capture Milage Rate
County Operating 5.6087 $ B46 S$ 903 $ s6o_$ 1,019 $ 1,079 $ 1,140 _$ 1,202 $ 1,266 $ 1330 $ 1397_$ 1.464 $ 1533 $ 1,603] $ 22,483
Gty Operating 9.8554 $ 1486 $ 1,585 $ 1,687_$ 1,730_$ 1895 _$ 2,002_$ 2112_$ 2,224 $ 2337_$ 2454 $ 2572 _$ 2,63 $ 2,816] $ 39,499
Gity Sanitation 29364 $ 443 $ 4n_$ 503_$ 533 $ 565_$ 597_$ a9 $ 663 $ os $ mi $ 766_$ £02_$ s39}$ 11,769
Hackley Ubrary 2.3516 $ 355_$ 378 $ 402 $ 427_$ 452 $ 478 $ 504 $ 531 $ 558 $ 585 $ 614 $ 643 $ 672) $ 9,425
County Veterans 0.0739 $ 11_$ 12_$ BS 33.35 14 $ 15 $ 16 $ 17_$ 18 $ BS 19 $ 20_$ ai} 236
Senior Citizens Sve Qas2t $ m4 $ ms a4 $ so $ ss $ 100 $ 105_$ 111 $ 117 $ 123 $ 128 $ 134 $ 141} $ 1,972
Central Dispatch 0.2952 $ 45_$ 47 $ 51_$ 4S s7_$ oo $ es e7_$ 7o_$ RB S$ 7 $ 81 $ asls 1,183
Comm College 2.1693 $ 327_$ 9 $ 371 $ 304 $ 417_$ 441 $ 465 $ 439 $ 515 $ S40 $ 566 S$ 593 $ 620] $ 8,604
MAO 46773 $ 705_$ 753_$ £01 $ 849 $ 899 $ 950 $ 1,002_$ 1,055 $ 1,109 $ 1164 $ 1,221 $ 1,278 _$ 1,337] $ 18,746
Gity Museum 03169 $ 43 $ si $ s4 $ 33 $ 1 $ 6 $ 6 $ n $ BS 2 $ BS 7 $ sils 1,270
Local Total 28.7718 $ 43 $ 4630 $ 4ms $ 5,227 $ 5,534 $ 5,847 $ 6,167 $ 6,493 $ 6825 $ 7165 $ 75il $ 7864 $ 8224) $ 115,337
ge Rate
Wonccaptacattenttoges
Hackley Debt 0.4999 $ mB $ £0 $ 86 $ 1 $s 5 $ 102 $ 107_$ 13 $ 19_$ 124 $ 130_$ 37 S$ 1a3|$ 2,00
MPS Debt 2020 0.0500, $ 8 $ 8S 9 $ 9$ 10_$ 10 $ 11_$ u$ 12_$ 12_$ BS 14 $ 14|$ 200
MPS Debt 2021 7.7000 $ 1,161_$ 1239 $ 1,318 $ 1,393 _$ 1.481_$ 1565 $ 1,650_$ 1,737_$ 1,826 _$ 1917_$ 2,010 _$ 2,104 $ 2,200] $ 30,860
Comm Coltege Debt 0.2700 $ 41 $ 43 $ 45 $ 49 $ s2_$ 55_$ ss $ 61_$ eh S$ o_$ 70 $ 74 $ m\s 1,082
MPS Sinking Fund o.9712 $ 146 $ 156 $ 165 $ we $7 $$ St 8
§ ft 8
§ S FC 8S $B S 3,892
Total Non-Capturable Taxes 9.4911 $ 1,432_$ 1,527 $ 1,624 $ 1724 $ 1825 $ 14928 $ 2,034 $ 2,141_$ 2251 $ 2,363_$ 2,477_$ 2,593_$ 2,712] $ 38,039
Total Tax Increment Revenue (TIR) Available for Capture $ 7,960 $ 8491 $ 9,033 $ 9,585 $ 10,149 $ 10,724 $ 11310 $ 11,903 $ 12518 $ 13,140 $ 23,774 $ 14422 $ 15,082] $ 211,525
Footnote
Assumes millages rates remain the same
Lake View Lofts
Muskegon, Michigan
March 6, 2025
Estimated Tarable Vale (TV) rcreate Rate 2y, per year
PlanYear 0 3 4 5 6 7 8 9 10 1 fritne mone 14 15 eYer l (uies | as ots e
Calendar Year 2025 2026 2027 2023 2023 2030 2031 2032 2033 2034 2035 2036 2037 2033 2039 2040 2041 2042 2043
BaseTaxableValue $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,565 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965,
Estimated
New TV_$ 12,965 _$ 12,965 $ 328,020 $ 334580 $ 241,272 $ 248,037 _$ 355,059 $ 362.161 $ 369403 $ 376,792 _$ 384328 $ 392014 $ 399855 $ 407,852 _$ 416,009 $ 424323 $ 432815 $ 441472 $ 450,301
Incremental
Difference (New TV- Base TV) $ se: $ + $ 315055 $ 321,615 $ 328,307 $ 335,132 $ 342,094 $ 349,196 $ 356,439 $ 363,827 $ 371363 $ 379,049 $ 386890 $ 394887 $ 403,044 § 411364 $ 419850 $ 428507 $ 437,336
Stata Education Tax (SE7) Som. $ si § = $ 1880 $ 1930 $ 1970 § 2.011 $053 $205 $2139 $ 2183S 2228 $ 2.2748 $ 2321 $ 2,369 $ 2418 $ 2.468 $ 2519 $ 2571 _$ 2,624
School Operating Tax 18.0000 $ mS = $ 561 $ 5,789 $ 5910 $ 62 $F GSS SF 628S FAI $ 6D $ GEES S$ 68UR SF 6961 $ 7108 $ 7,255 $ 7405 *§ _7557 $ _7,713 $ _7.872
‘School Total 24.0000 $ - $ ad $ 7561 $ 719 $ 7879 $ 800 § 8210 $ 8381 $ B555 $ 8732 $ 893 $ 9,097 $ 9,285 $ 9477 $ 9,673 $ 9873 $ 10,076 $ 10,284 $ 10,496
a lape Rate
County Operating 5.6037 $ -_$ = $ 4767 $ 1808 $1,842 S$ 1,850_$ 1,919 $ 1,959 $ 2,000 $ 201 $ 2083 $ 2,126 $ 2,170 $ 2.215 $ 2,261 $ 2308 $ 2355 $ 2,404 $ 2,453
Gity Operating 9.8554 $ + $ = $ 3405 $ 3,170 $3,236 $ 3303 $ 3371 $ 3441 $ 3,513 $ 3,586 $ 3660 $ 3,736 $ 3.813 $3,892 $ 3,972_$ 4,054 $ 4,133 $ 4223 $ 4310
Gity Sanitation 2.9364 $ -_$ S$. 925 $ o44 $ S64 $ $34 $ 1,005 $ 1,025_$ 1,017 $ 1,068 $ 1,000 $ 1,113 $ 1,136 $. 1160 $ 1,183 $ 1,208 $ 1,233 $ 1,258 $ 1,284
Hackley Library 23516 $ - $ oS 741 $ 756 $ 72 $ 7a3_$ 804 $ 821 $ 838 $ 856 $ 873 $ ba1 $ 910 $ 929 $ 48 $ 97 $ 937_$ 1,008_$ 1,028
County Veterans 9.0739 $ SS. cme 23s 24 $ 24 $ ws $ Bs 26 $ 26 $ 27s 27 $ 23S 2 $ 2 $ 20 $ 30_$ 31_$ 32_$ 32
4928 $ = $ = $ 155_$ 158 $ 162_$ 165_$ 16s_$ 172_$ 175_$ 179 $ 183 $ 187_$ 190 $ int $ 193 $ 202_$ 207_$ m1 $ 215
Seoier Critens Sve
Central Dispatch O2952 $ -_$ -_$ 93 $ 95 $ 97 $ 9 $ 101_$ 103 $ 105 $ 107_$ 110 $ 112_$ 114 $ 117_$ 119 $ 121_$ 124 $ 126 $ 129
Comm College 2.1693, $ -_$ -_ $ 633. $ 3 $ m2_$ 77 $ 742_$ 758 $ 73 $ 789 $ 806 $ 822_$ 839 $ 857_$ 874 $ 892 $ gir $ 930 $ 49
MAIsD 4.6773 $ -_$ = $ 1474 $ 1508 $1536 $ 1,563 $ 1,600_$ 1,633 $ 1,667 $ 1,702_$ 1737 $ 1773 $ 1810 $ 1847 $ 1.885 $ 1,924 $ 1,964 $ 2,001 $ 2,046
City Museum 03169 $ - $ oe 100 $ 102 $ 104 $ 106 $ 103 $ 11 $ 13 $ m5 $ 18 $ 120 1
$ 23 25 $ $2 80 $8 SG 139 GH
Local Total 2.78 $ - $ = $ 9057 $ 9255 $ 9,48 $96 $F EAS $10,049 $= 10258 § 10,470 $= 10687 $ 10,908 $484 F «1364 FSI $18 $32,082 $ 12,331 $12, SEE
rl Rate
Hackley Debt 0.4939 $ - $ a § 157_$ 161_$ 164 S$ 168 $ 171 $ 175 $ 178 $ 182_$ 186 $ 189 $ 193 $ 197_$ 201 $ 206 $ 210_$ 214 $ 219
MPS Debt 2020 0.0500 $ > $ ~_$ 16 $ 16 _$ 16 $ w7$ 17 $ 7 $ 18 $ 18 $ 19 $ 19 $ 19 $ 20_$ 20 $ 2s 2_$ 2 $ 22
Mes Debt 2021 7.7000 $ -_$ = $ 2.426 $ 2.476 $ 2,528 $ 2581 $ 2634 $ 2.689 $ 2745 $ 2,801_$ 2859 $ 2919 $ 2979 $ 3,041 $ 3,103 $ 3,163 $ 3,233 $ 3,300 _$ 3,367
Comm College Debt 0.2700 $ > $ > $ 85_$ 87_$ 89 $ so $ 92 $. ot $s 96 $ 93_$ 100_$ 102_$ 104 $ 107_$ 109 $ i11_$ 113 $ 116_$ 118
MPS Sinking Fund 99732 $ 23 3 = $305 $32 § 319 § 8S $88 $889 § KG $85 § 3 $388 SF 376 $384 § 3 $4 FO SG SS
Total Non-Capturable Taxes 9.4911 $ bal $ = $ 2,990_$ 3,052_$ 3,116 $ 3,181 $ 3,247_$ 3,314 $ 3,383 $ 3,453 $ 3525 $ 3,598 $ 3,672_$ 3,748 $ 3,825 $ 3,908 $ 3,985 $ 4067 _$ 4151
‘Total Tax Increment Revenue (TIR) Available for Capture $ $ = $ 16,628 $ 16,974 $ 17,327 $ 17,688 $ 18,055 $ 18,430 $ 18812 $ 19,202 $ 19,600 $ 20,005 $ 20,419 $ 20841 $ 21,272 $ 2711 $ 22,159 $ 22,616 $ 23,082
Footnotes:
[Assumes milages rates remain the same
‘Tax Increment Revenue Capture Estimates - Commercial (Phase tl)
Lake View Lofts
‘Muskegon, Michigan
March 6, 2025
Estirated Ta rable Valve (TV) Increase Rate:
Plan Year, 19 20 2 22 23 24 25 26 ra 2B 29 30 31 TOTAL
Calendar Year 2044 2045 2046 2087 2043 2049 2050 2051 (2052 2053 2054 2055 2056
BaseTaxableValue $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,565 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965 $ 12,965] $ 12,965
TV $ 459,307 _$ 463,493 $ 477863 $ 487,420 _$ 497,169 $ 507,112 $ 517,254 $ 527,600_$ 538,152 $ 543,915 $ 559,593 $ 571,091_$ $82,513] $ $82,513
Difference (New TV-Base TV) $ M634 § 455,528 $ A898
Incremental am4ass § 484204 $ 494147 § 504289 $ 514635 $ 525,187 $ ‘535,950 $ 546,928 $ 558126 $ 569,548] $ 569,543
State Education Tax (SET) 6.0000 $ 2,678 $ 2,733 $ 2,789 _$ 2,847 $ 2,905 2,965_$ 3,026 _$ 3,083_$ 3,151 $ 3,216 _$ 3,282_$ 3349 $ 3.4171 $ 77509
School Operating Tax 18.0000 $ 804 $ 8200 _ $ 8,368 $ 850 8 $ 716 $ 8895 9 § .077 $ __9,263 _§ —94453 § 9.67 $9845 $ 10.016 §10,252) _$ 232.527
‘School Total 24.0000 $ 10,712 $ 10,933 $ 11,158 $ 11387 $ 11,621 $ 11860 $ 12,103 $ 12,351 $ 12,604 $ 12463 $ 13,26 $ 123395 $ 13,669] $ 310,037
County Operating 5.6097 $ 2504 $ 2,555_$ 2,608 $ 2,662 _$ 2,716 $ 272 _$ 2,829 $ 2,837 _$ 2916 $ 3,007 _$ 3,068 $ 3,131_$ 3,195] $ 72467
Gity Operating 8.8554 $ 4399 $ 4459 $ 4582_$ 4,676 _$ 4772 $ 4870_$ 4,970_$ 5,072_$ 5176 _$ 5,282 $ 5,320_$ 5,501_$ 5,613] $ 127,314
Gity Sanitation 2.9364 $ 1,311_$ 1,338_$ 1,365 _$ 1,393 $ 1,422 $ 1,451_$ 1,431_$ 1511 $ 1542_$ 1,574 $ 1,606_$ 1,639 $ 1,672 $ 37,933
Hackley Library 23516 $ 1,050. $ 1,071_$ 1,093 $ 1,116 $ 1,139 $ 1,162_$ 1,186 $ 1,210 $ 1,235 $ 1,260 _$ 1,286 $ 1312_$ 1,339] $ 30,378
County Veterans 9.0738 $ 33 $ S$ S$ 35_$ 36 $ 37_$ 37_$ 38 $ 39_$ 40 $ 40 $ 4s 42] $ 55
Senior Citizens Sve 04921 $ 220 $ 224 $ 229 $ 233 $ 238 $ 243 $ 243 $ 253 $ 258 $ 264 $ 269 $ 27s _$ 280|$ 6,357
Central Dispatch 0.2952 $ 232. $ 134 $ 1237: $ 140 $ 143 $ 146 $ 149 $ 152 $ 1s5_$ iss $ 161_$ 165 $ 163] $ 3,813
Comm College 2.1693 $ 963_$ 938 $ 1,003 $ 1,029 $ 1,050_$ 1,072 $ 1,094 $ 1116 $ 1,139 $ 1,16 $ 1,186 $ 1,211_$ 1,236] $ 23,023
MAISO 4.6773 $ 2,088 $ 2,131_$ 2174 $ 2219 $ 2,265 _$ 2311 $ 2,359 $ 2,407 _$ 2.456 $ 2507_$ 2,588 $ 2611 $ 2,664] $ 0,422
Cty Museum gates gan gage ts § ts $a St § SS ts § 7 $83 § 177 $. 160] $ 4,034
Local Total 28.7778 $ WAS $ 13,109 $ 13,379 $ 13,654 $ 13,934 $ 14220 $ 14512 $ 14810 $ 15,114 $ 15,423 $ 15,739 $ 16,062 $ 16,390] $ 374,757
$ 23 $ 28 $ 232 _$ 27 $ 242_$ 247_$ 252_$ 257_$ 263_$ 268 $ 73 $ 279 $ 2851 $ 6458
MPS Debt 2020 $ 2 $ 2s 2s 24 $ 24_$ 23 $ 25 $ 26 $ 2 $ 7s 27 $ 23 _$ 23|$ 646
NPS Debt 2021 $3437 $3,508 $ 3580 $ 3,653 $ 3,728 $ 3,805 $ 3883 $ 3,963 $ 40 $4177 $ 42 $ 4703 § 4.38615 99,470
Comm College Debt $ 121 $ 123 $ 126 $ 128 $ 131 $ 133 $ 136 $ 139 $ 142_$ 145 $ 148 $ 151 $ 154] $ 3,438
MPS Sinking Fund $ 433 $ 442 $ 452 $ 461 $ 470 $ 430 $ 490 $ S00 $ 510 $ S21 $ 531 $ saz $ 553] $ 12,546
Total Non-Capturable Taxes $ 4236 _$ 4323 $ 4412 _$ 4503 $ 4595 $ 4690_$ ais $ aees $ 498s $ 5,087_$ 5191_$ 5237 _$ 5,406 | $ 122,608
Total Tax Increment Revenue (TIR) Available for Capture $ 23587 $ 24,042 $ 24536 $ 25,041 $ 25585 $ 26,080 $ 26,615 $ 27,161 $ 728 $ 28,286 $ 28866 $ 29487 $ 30,059 | $ 681,794
(Footnotes:
JAssurnes millages rates remain the same
Lake View Lofts
Muskegon, Michigan
March 6, 2025,
|
einated Tentle Vase (WV) erent Rte:
vue Ee | awe ay Hie al eset Roa
Giendirver 2025 2026 20272028 2029 2020 2031 2022 2033 2034 2035 20%6 2037 2038 2033
BaseTanblevale $ 1900 § 1,118500 $ 1,118,900 § 1,118,900 $ 1,118,900 $ 1,118,900 $ 1,118,900 $ 1118900 $ 1,118,900 $ 4118800 $ 1118900 $ 1,118,900 $ 1,118,900 $ 1118800 $ 1118500 $ 1,118,590 $ 4,118,500 $ 1,118,900 $ 1,118.500 § 1,118,900
EstimatedNewTV $ 1,118500 § 1.141.278 $ 1,164,104 $ 1,187.385 $ 1,211,133 $ 1,235,386 $ 1,260,063 _$ 1.285264 $ 1310970 $ 1,337,189 $ 1,363,933 $ 1391212 $ 1,419,036 $ 1447416 $ 1,476,365 $ 1505492 $ 1,536,010 $ 1,566,730 $ 1,598,065 $ 1,620,026
Difference (New TV-BaseTV) $
Incremertal = «§ «22378 $ «45208 $ «BASS $ 92,233 $ 116455 $ 241,163 $ 166,365 $ 192,070 $ r182E9 $ 245,033 $ 272.312 $ 300135 $ —32ESIE $ —BSTAGS $ 386,992 $ 417,110 $447,830 $479,165 $512,126
$ + $ $s 118 $ 178 $ 240 $ 303 $ 368 $ 433. $ 4,152 $ 1,310 $ 1,470_$ 1634 $ 1201 $ 1971 $ 2445 $ 2.322 $ 2,503 $i 2.687_$ 2875 $ 3,067
‘School Operating Tax 18.0000 271 18.0000 $ = $ S$ 351 $ 5322 $ nz $ gos $1097 § 1293 $ 3.457 $ 3,929 $ 441 $4,5032 $ 542 $ 5.913 $ $648 3S 2S
34,500 $12,267
$5913
07B $F
$5,402
9,288 $ =~ 10,011 $=
4502
School Total 24.0000 103781 $ -$ + $ 49 $ om 937 $ «1209 $ «ABS $4727 $4610 $5239 SS REL $B SIS SF $7888 $= S79 $=
Gees
iene cesesns an seteas _axsnises «1828 S$ tees $1843 $ 2.005 $ ATL $ 2.340 $ 2512: § 2B S286,
County Operating 5.097 2.4347 $ +s + $0 $ 167 $ 2s $ mss a $ $ $4071 $ 1375 §
Gy Operating 9.4554 4.2562 $ - $s -_$ 192_$ 21 $ 293 $ 436 $ eo1_$ $ $ 1,882_$ 2,415 $ 264 $ 2,958 $ 3,238 $ 3523_$ 3.814 $ 4,111_$ 4A1s $ 4722 $ 5,037
cay Sarctation 2.9364 3269129264 § +s $ 7 $ a7 $ 37$ uaa $379 $ $ $ eu $ no $ 200 $ a1 $ 5 $ 1080 $ 436 $ 4.225 $s $ a.ko7 $501
Hackley Library a 23816 1015723516 a so 46 $ 7 $ 4 $18 $ 13 $ $ $ s13$ $76$ 60 $ 706 $F 73 $ 8 $ m0 $ 81 $ 1,053 $ 4127 $ 1,202,
County Veterans ores opsie 9079's -_$ -_$ 1$ 2$ 3$ 4s 3s $ $ $ 16 $ 18 $ 20 $ 2 $ 24 $ 2 $ 2 $ 3$ 3S 35 $ 38
e423 oans OAs is - $ -_$ 10 $ as $ 20 $ 25 $ 30_$ $ $ 107 _$ 321_$ 134 $ 14s $ 162_$ 176 $ 1so_$ 205 $ 220 $ 238 $ 252
Satine bens See so $ 29 $ 97 $ 106 $ 14 $ 123 $ 132_$ 141 $ 151
Senteal Clipaich, paes2. o127S:_02952__ 1g: -_$ > -$ 6 S$ 9 $ 2 $ 15 $ 18 $ a $ s7_$ es $ ns
Comm Cotege 2.1693 09370 2.16935 =_$ - $s as as 6S 309 $332 $ 156 $ 47 $ 4m $ 522 $ so $ 651 $ m3 $ m5 $ 240 $ os $ om $ 1,039 $1,109
45778 2020246773 $ = _§ + $ go $ 138 $ 186 $ 235 $ 285 $ 336_$ 233 $ 1,021 $ 1,165 $ 1.274 $ 1.404 $ 1537_$ 1672_$ 1810 $ 1,951 $ 2,095 _$ 2,241 $ 2,391
MAO. a9 $ 2B $ a $ @ $ 7 $ we $ 5 § wor $3. § = Ft Sd SSSR
Cay Museum 03169 ois oss $§ - $ - $ 6$ 9$ 8 ww $
32.487 $ - $s - $ s2$ 2 $ 3148 $ 1449 $ 4756 $ 2565 $ «47ES $= SECO $7,082 $I $= ERT $= MASH $10,287 $ =A $= azo $a EES $13,789 $ 14.708
Local Total 28.778
0.4999 02159 0.4999 $ : $ 203 $
_ 0.0500 oors 9.0509 ¢ : $ as
‘MPS Debt 2020 $ 3212 $
7.7000 33258 __7.7000_$ 2
02700 osses 02700 § : $ 43 $
MS Sinking hind 9am 419s 09712 $ $ ws $
Tetal Non-Capturable Taxes sasit a0 $ : $3959 $
Total Tax increment Revenue (TIA) Avaable for Capture $ 73 - $1032 $ «1862 $ ©2105 $ ~—KSE $ — Baet_ $ «= AHL S$ «= «BABES 12,089 $12,832 $14,372 $ —«ASEAL $ ~—«17,338 $B ES $20,425 $22,014 $3,685 $25,289 $26,878
Foctnetes:
Assumes millages rates rerrainthe sare
in 2034
NEZ Phases out
Existing
Phasel
Lake View Lofts
Munkegon, Michigan
March 6, 2025
Estimated Taxable Valve (TV) Increase Pate:
Ee 4 2s 3 ies ea 2 :
2087 2083 2050 2081 2082 2083 2054
BaseTarable Valve $ 1118500 $ 1,118,900 $ 1118590 $ 1118900 $ 1118500 $ 1,118,900 $ 1,118,900 $ 4118500 $ 1118909 $ 1,118990 $ 1,118,900 $ 1,118,900] $
Estimated NewTV_$ 1.€62,627 $ 1,695,879 $ 1,729,797 $ 1,764393 $ 1,799680 $ 1835674 $ 1872388 $ 1909835 $ 1,948032 $ 1.986.993 _$ 2,026,732 $ 2,067,267] $
Incremental
Difference (NewTV-BaseTV) $ 543,727 $ 576,979 $ 610897 $ E454S3 $ EEDTED $ 716,778 $ 7S34ES $ 790,935 $ ma9,AIZ -$ BOSS $ $07,832 $ —S4B3E7]S
ez
Phase Out
State Education Tax (SET) $0000. 26040, 3,262_$ 3462 _$ 3665 _$ 3873 $ 4085 $ 4301_$ 4521 $ 47465 $ 4975 $ 5209 $ 5.447_$ 5,680
School Operating Tax 18.0000 2774 iscoo $9787 1 $ 0386 3 $ 0.956 $1619 $ 12254 1 $ 2,902 _$ 13,563 $
14287 1 $ 4,924 _$ 15.626 _§ 16341. _§17,071.
School Total 24.0000 103781 $ 13,089 $ = 13887 $ 24652 $ «15492 $ «16,339 $47,203 $= aOR $F aBsEZ $9,889 $ = 20.4 $ —2,7ES $22,761
Local Captur ‘Mata pe Rate g.c6ses75
County Operating sacs: 247 $ 3,050_$ 3237 $ 3,427_$ 3,621 $ 3819 $ 4021 $ 4227 $ 4437 $ 4651 $ 4870 _$ 5,033 $ $320
iy Operating 98554 42562 $___5359 $ 5686 $ 6021 $§ 6.362 $ 709 $ _7,064 $§ _7,426 § 7,785 $ 8171 $ __ASS5_§ _8947 § _9,347
Caysennation 29266 3201 _ 29364 § $ $ $ $ $ $ $ 2549 § 2.665 $ 2,785
Hagley Uboiy 2356, AIS? 23816) § $ $ $ $ $s $ $ 2.081$ 23s $2,230
CountyVetenns 0739 00319 00739 § $ $ $ 7 $ as 67 $ 0
Senior Cnizens Sve 0.4921 02125 04921 5 $ $ $ $ 27 $ 4a7_-$ 467
Certral Dispatch 0.2952) 0.4275 02852_¢ $ $ $ $ 256 $ 28 $ 220] 3,926
Comm College 2.1693 09370 2.1693 § $ $ $ $ 1483 $ 1,969 $ 2,057 $ 28,853
MAISD 4673 2020246773 § $ $ $ $4060 $ 4246 § -4.4261S e211
Cry Museura 03169 01369 03169 $ $ $ $ 275 $ 2s $ 301] $ 4215
Local Total 287778 324417 $ 15.647 $ 16604 $ 47,580 $ 48576 $ —«19891 -$ —«204627 $ AEA $ —22.TEL S$ —2H.NSL S$ —2H,98Z_F —-26ADS $ ~—-27;282]$ 375.555
Weneeucstianmiegy
sapenate
Hachtey Debt 0.4959 o21s9 0.4999 $ 272_$ 2s $ 205 $ 323. $ 340 $ 358 $ 377 $ 395 $ 44s 44 $ 454 $ ara|s 6.649
Mes Dett2020 00800 vonts 00500 gar ws 1$ 2s ss %6$ -s28$ of a$ a$$ ar]s ss
MPS Debt 2022 7.7000 332s 7.7000 ¢ $ 49m $ 520 $ 5519 $ 502 $ 6080 $b 3EA S$ weEA $ 6.990 $ 73024 102,415
02700 0.1166 02700 ¢ $ 174 $ 184 $ 194 $ 203 $ 2a $ 224 $ 224 $ 245 $ 256] $ 3,591
MPS Sinking Find oon 0419s 09712 $ $ $ $ s sa]s 12.918
‘Total NonCepturable Taxes 949it 4.0584 $ 612% $ © 6ASL $= EOF 7AS $7,507 $7869 $ wT $= wEIS $m $= 126,237
Total Taxincrerment
Reverwe (TIA) Available for Capture $ 28,697 $ «20,452 $ «32,242 -$ «34,088 $35,920 $37,830 $39,767 $ ATE $4370 $ © 45BIG § «47,813. $50,053] $ 694,777
rates
Assumes mitages rates reralnthe same
Existing
NEZ Phases out in 2024
Muskegon, Michigan
March
6, 2025
strated Tanabe Vole (TW) cree Rte: 256 per year oe
PlanYear, 0 ee a7:
GatendarYear 2025 2027 2028 2023 2020 2031 2022 2033 2034 2035 2026 2037 2038 2033 2049 2081 2022
BaseTamblevatve $ = 7 $ - $ =~ #£ - $ - * * § 7 $ - $s - $ - $ = 7 $ 7 $ - $ - $ - $ - $ = i
EstimatedNew1V_$ $ 3.720540 _$ 3,794951_$ 3870850 $ 3.948267 _$ 4027232 _$ 4,107,777 _$ 4,189,932 $ 4273731 $ 4359205 $ 4445390 § 4535317 $ 4626024 $ 47: $ 4si2915 $ 4509174 $ 5,007,357 _$ 5107505 $ 5,209,654
Incremental
Difference (New TV-Base TV) $ - $s = $ 3720540 $ 3,754,951 $ 3870850 $ 3,948,267 $ 4,027,232 $ 4,107,777 $ 4,109,932 $ 4273731 $ 4359205 $ 4445350 $ 4535317 $ 4,625,024 $ 4710544 $ 4,812,915 $ 4902174 $ 5,007,357 $ 5.107504 $ 5.209654
Kez
Phase Out
State Education Tax (SET) 6.0000 24010 6.0000 § -$ = _$ 9688 $ 9882 $ 10.080 $ 10,281 $ 10487 $ 10,697 $ 10,911 $ 34,29 $ 31,351 $ 1,578 -$ 44.810 $ 12,046 $28,311 28877 $ 29455 $ 30,086 $ 30645 $ 31,258
‘School Operating Tax 18.0000 Zu 180000 §
ss $ = $2924 2$ 9,502 $30,092 $30494 §31,308 $
31.934 $ 32573 $ 33.224 $33889 3
$ 4567 $ 35.258 3
§ 5,063 $4,924 §86,632 _
$ e8365 $£0132 $ 91.935 $
__92774
‘School Total 24.0000 103781 $ 7 $8 = $ 38612 $ 39384 $ 40172 $ «40,976 $F 41,795 $42,631 $ —43AEL $ 44353 S$ A524D S$ AE AES -$ ATOR $ —-AB.009 $ © B.24S_-F —A4S;S10 $117,820 $ 320177 $ —«3225ED $125,092
STRccesears snsseens _ssssissas
Courty Operating 5.6097 +s $9058 $ 9240 $ 9.424 $9,613 $ 10,201 $ 10,405 $ 10,613 $40,826 *$ 14,042: S$ 34.263: $ 16,544 $ 20.249 § 24,097 $ 28,090 $ 28,652 § 29,228
City Operating 9.8554 -_$ - $ 15835 $ 16,152 $ 16,475 $ 16,805 $ 17833 $ 18,199 $ 18,554 $ 18,925 $ 19,303 $ 19,689 $ 29,064 $ 35,575 $ 42,336 ~$ 49:50 $ $0336 $ 51,343
Gay Sarctation 29264 + $ = $ 42 $ 4s $ 4912 $ 5.011 $5317 $ 542s $ 5532 $ SEH $5756 $5871 $ 13.856 $ 14133 § 1441S $ 14,704 § 14,958 § 15,298
Hackley Library 2.3516 _ x § + $ 3,779
$ 3485 $ 3,932: $ 4,010 $4256 $ 434 $ 4428 $ 4516 $4607 $ 41,056 $ 41,318 $ 41,544 $ 14,775 $ 92,011 $32,251
County Veterans 0.0739 - $ :$ 119 $ aa $ 123 $ 126 $ 134 $ 136 $ 139 $ 142_$ 14s $ 349 $ 356 $ 363 $ 370 $ 27 $ 385,
‘Sendot Cheers Sve 0.4921 2s -$ 7a $ a6 _$ 223 $ 839 $ #30 $ 08 $ 26 $ sas_$ 964 $ 2322 $ 2368 $ 2,416 $ 2464 $ 2513 $ 2,564
Central Dispatch 0.2852 $8 -$ am $a S$ 494 $ 503 $ sa4_$ 545 $ 556 $ 567 $ s78_$ 1393 $ 14m. $449 $478 $4503 $538
Comm College 2.1693 -$ = $ 3485 $ 3586 $ 3627 $ 3.700 $3,926 $ 4004 $ 408s $ ates $ 4250 $ 10,236 $ 10.461 $ 10,649 $ 10.862 $ 11.080 $ 11,201
MSO: A873: -_$ + $ 7516 $ 7.667 $ _7,820 $ 7976 S$ 8465 $ 8634 $ 8805 _$ ass $ 9,162_$ 9345 $ 22,070 $ 22,511 $ 22,962 $ 23,421 $ 23,889 $ 24,367
City Museum 93169 ae = 3) $_520 § sso § su $51 § sez § 574 § SBS § ~t897 $i § att § 633 $4495 $ 1525 $ 3586 § 1587 $ __1619 § _1.651
Local Total 287778 7 $ + $ 46250 $ 47,216 $ 4B10 $ 49,123 $ 52130 $ «53,72 $ = SH23K $55,321 $ SEAT $ «57,586 $ 108425 $ 119897 $ LES $ —14hAOL $ 1455S $149,922
MenSaptaensansy Napeeate
Hackley Debt 0.4959 +s $3 $i § a6 $ 852 $ 0s $ 23 $ Ere
MPs Debt 2020 aa - $$ as 8 $s a 2 $ 98
MPS Debt 2021 7.7000 = $ = $12,374 $12,621 $ 12,874 $ 13,131 $13,935 $ 14.214 $ 14,498
Comm College Debt 02700 : -$ 42 $ 451 $ $ 459 $ 438 $ 508
MPSSinkirg Fund game $4561 $ mss $4793 $1829 gage
Total Non-Capturable Taxes 94911 7 $ = $ 35252 $ 15,557 $ 15868 $ 16,186 $ 3776 $ 17,520 $17,870 18,228 18,592 18564 $44,708 45,680 46,593 47,528
Total Tax Increment Revenue (TIA) Avalable for Capture $ 78 = $ 4902 $ £6,600 § 85,332 $ 99,099 $91,801 $93,739 $ 95,613 $97,526 $ 93,47 $F —-1KES $ 103,455 $ «105,565 $ 221,670 $ 235,407 $ 249,605 $ 264277: § «269,563 $
Foctnetes; ‘Asnres project building with 2% iflation thereafter
Assumes millages rates rerrain
the same
Assurres 15yr New NEZ
Lake View Lofts
Muskegon, Michigan
6, 2025
March
Estmated Taxable Valve (TV) Increase Pate:
Plan Year 23 [a ee ee ia 0 By
Calendar Year 2088 2080 2051 2082 2083 2054 2085 2056
PueTaablevae $ 7 $s - 3s 7 $s - 8 - 5 7 $s - $ 7 $s - $ - $s - $s - |s :
Estimated New TV $,313247 $ 5,420,124 $ 5,52! 5,639,097 $ 5.751873 $ 5,866,917 5$24255 $ 6,103,949 $ 126,019 _$ 6.350539 $ 6,477,550 7,101 | $ 6,607,101
Incremental
Difference (New TV-BaseTV) $ 5.313847 $ 5420124 $ 5528527 $ 5,639,097 $ 5.751879 $ 5,866,917 $ 5.984255 $ 6,103,940 $ 6,226,019 $ 6350539 $ 6477550 $ 6,607,101] $ 6,607,101
Behesleapte agente Nez ape | :
State Education Tax (SET) 6.0009 $ 31883 $ 32,521 § 33,171 $ 33,895 $ 34511 § 35,202 § 35,006 $ 26,624 $37,356 $ 28.103 $ _8ees § 39,6031 $ 736,150
‘School Operating Tax 18.0000 $9549 $97.562 $
$ 9,513 $101504 $103,534 1
$ 05,605 $ 107.717 $109,871 $ 112,068 $114310 $116.595 $118.928)
‘School Total 24.0000 $ 127,532 $ 130,083 $ 132,685 $ 135,338 $ 134085 $ 140,806 $ 143,622 $ 146495 $ 149424 $ = 152413 $ 155461 $ 158570] $ (2,942,708
96656875
Courty Operating 5.6097 2.4347 $ 29,809 $ 30,405 $ 31,013 $ 31,634 $ 32,912 $ 33,570 $ 34241 $ 34,926 $ 35,625 $ 26,337 $ 37,0641 $ 68,150
City Operating 9.8554 bende $ 52.370 $ 53,417 $ 54486 $55,576 57,821 $ $8977 $ 60,157 $ 61,260 $ 62,587 $ 63,839 $5116] $ 3,172,780
(ity Sanitation 2.9364 12691 29364 $5608 $ 15,916 $ 16,234 $ 16,589 $ 17,228 $ 17,572_$ 17,924 $ 18,282 $ 18,648 $ 19,021 $ 19,4011 $ 260,007
Hackley Ubrary ee 2.3516 2015723516 g $12,746 § 43,001$ 13,261 $ “13,797 $ 14073 § 14384 § A441 § 14536 § 15,233 $ 15837] $ 28827
County Veterans 0.0739 0.0319 00739 ¢ $ 401 $ 9 $ a7 $ 434 $ 442 $ 451 $ 460 $ 469 $ 473 $ ass} 9.058
Senior CRlnens Sve 0.4523 02125 04321 § $ $ 2721 $ 2778 $ 2887 _$ 2945 $ 3.004 $ 3,064 $ 3125 $ 3183 $ 32511 60,323
Ceritral Dispatch 0.2952 0327502952 ¢ $ $ 1,632_$ 1665_$ 1,732_$ 1,767 _$ 1£02_$ 1,838 $ 1,875 1.912 $ 1,950 36,188
Comm College 2.1693 09370 21693 § 31,527 $ $ "11,993 $ 12,233 $ 12,27 $ 12,932 $ 13,241 $ 13,506 $ 13,776 $ 14,052 $ 14.333] $ 265,932
MSD 46773 20202 46773 § 24854 $. $25,889 $ 26376 $ 27,441 $ 27,990 $ 28550 $ 29,121 «S$ 29,703 $ 30,297 $30,903] S$ $73,373
Cay Museum 03169 01369 03169 $ 1eet $ $4752 § _—*4787:«$ 1859 $185 $ (21934 § +1973: $ 2.012 $ 2.053 § _2.094|$
Leeal Tetal 207778 32.4417 $ 352921 $ 159,039 $ 162.281 $ 165526 $ 168637 $ 172218 $ 175688 $ © —A79ATL $ «18,755 $ —1BEAIO $ © asaAsS| S$ — 372,944
0.4999 02159 2819 $ 2.875 $ 2,933 $ 3,112_$ 3,175 $ 3.238 $ 3,303] $ 61,281
a 0.0500 0.0216 282 $ 2s $ 233. $ au $ 318 $ 324 $ 20S 6130
7.7000 3.3258 43421 $ 44289 $ 45,175 $ 47930 $ 43899 $ 49,877 $ s0875]$ 943,927
Comm College Debt 02700 0.1166 $ 4se4 $ 1681 $ $ $
| MiSSinkingfund gem 9.8195 $ 3S $ $ $
| Total Non-Capturable Taxes 949i 4.0554 $6,797 $57,833, 59,002 $ co27h $= «GATS. $ ~— 62,709] $ 3,163,495
| Tetal Tax Increment Revenve (TIR) Available for Capture $ 280,453 $ 286,062 $ 291,783 $ 297,619 $ 203,572 $ 309,643 $ 315,836 $ 322,153 $ 328595 $ 335,167 $ 341,871 $ 348,708] $ 6A15652
[Footrotes: ‘Assumes project bulding with 2% Inflation thereafter
Assurres millages rates rerrainthe sare
Assumes
15yr New NEZ
‘Tax Increment Revenue Capture Estimates - Combined
Lake View Lofts
Muskegon, Michigan
March
6, 2025
Estimated Taxable Value (TV) Increase R82: 954 Der year
Plan Year 7 18
Calendar Year 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043
Base Taxable Value $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065
Estimated NewTV_$ 1,484,065 $ 1,506,443 $ 5,571,903 $ 5,633,346 $ 5,797,013 $ 5,912,953 $ 6,031,212 $ 6,151,836 $ 6,274,873 $ 6,400,370 $ 6,528,378 $ 6,658,945 $ 6,792,124 $ 6,927,967 $ 7,066,526 $ 7,207,857 $ 7,352,014 $ 7,499,054 $ _ 7,649,035
Incremental
Difference (New TV - Base TV)* $ = $ 22,378 $ 4,087,843 §$ 4,199,281 $ 4,312,948 $ 4,428,888 §$ 4,547,147 $ 4,667,771 $ 4,790,808 $ 4,916,305 $ 5,044,313 $ 5,174,880 $ 5,308,059 $ 5,443,902 $ 5,582,461 $ 5,723,792 $ 5,867,949 $ 6,014,989 $ 6,164,970
State Education Tax (SET) $ + $ = $ 11,739 $ 12,075 $ 12,419 $ 12,770 $ 13,127 $ 13,492 14,984 $ 16446 $ $ $ 34343 $ 35,208 _$ 36,090 $ 36,990
School Operating Tax $ -_ $ = $ 35073 $ 36,080 $ 37,107 $ 38,155 $ 39,223 $ 40,313 $49,167 $ $ $ 103,028 $ 105,623 $ 108,270 $ 110,969
$ - $ - $ 46 812°$ 48,155 $ 49526 $ 50,924 $ 52,350 $ 53,805 $ 57,905 $ 59,775 $ 61,683 $ $ 65,614 $ $ $ 137371 $ 140,831 $ 144360 $ 147,959
County Operating $ -_$ = $ 12633 $ 12928 $ 13229 $ 13,536 $ 13849 $ 14168 $ 14494 $ 14826 $ 15,165 $ 15,511 $ 15,864 $ 16223 $ 21646 $ 25,496 S$ 29,490 $ 33,634 $34,349
City Operating $ -$ = _$ 22415 $ 22,632 $ 23159 $ 23,696 $ 24,245 $ 24,804 S$ 25,375 $ 25.957 $ 26551 $ 27,186 $ 27,774 $ 28404 $ 38,028 $ 44,792 51,810 $ 59,090 $ _—60,346
City Sanitation $ -_$ > $ 6593 $ 6747 $ 6,904 $ 7064 $ 7,228 $ 7,394 $7,565 $ 7,738 $ 7915 $ 8095 $ 8,280 $ 8467 $ —*16 526 $ 16879 $ 17,239 $ 17,606 $ 17,980
Hackley brary $ -$ = $ 5277 $ 5401 $ 5526 $ 5655 $ 5,786 $ 5919 $ 6,055 $ 6,194 $ 6336 $ 6480 $ 6,628 $ 6,778 $ 13,235 $ 13517 $ 13806 $ 14,099 $ 14,399
County Veterans $ -$ -_$ 166 $ 170_$ 174 $ 178 $ 182 $ 186 $ 190 $ 195_$ 199 $ 204 $ 208 $ 213 $ 416 $ 425 $ 434 $ 443 $ 453
Senior Citizens Sve $ - $s - $ 1104 $ 1,130 $ 1,156 $ 1,183 $ 1211. $ 1,238 $ 1,267 $ 1296 $ 1,326 $ 1,356 $ 1,387_$ 1418 $ 2,770 $ 2,829 $ 2,889 $ 2,950 $ 3,013
Central Dispatch $ = _$ -_$ 662_$ 678 $ 694 $ 710 $ n6_$ 743 $. 760 $ 778_$ 795 $ 813 $ 832_$ 851 $ 1,661_$ 1,697_$ 1,733_$ 1,770_$ 1,808
Comm College $ -_$ = $ 4868 $ 4,982 $ 5,098 $ 527 $ 5337 $ 5400 $5,586 $5,714 S$ 5845 $ 5978 $ 6114 $ «6253 $ 12,209 $12,469 S$ 12,735 $ 13,006 $13,283
MABD. $ -_$ = $ 10496 $ 10742 $ 10992 $ 11,247 $ «11,507 $ 11,773 S$ 12,044 S$ 12,320 $ 12,602 -$ 12889 $ 13,182 $ 13,481 $ 26324 $ 26886 S$ 27,459 $ 28,044 S$ _ 28,640
City Museum $ a) 2 3. wi $ ms $ ws $ 7e2 $__780 _
$ 798 _
$ 8i6 $
_835 $
__-854 _
§ 873 $
_-893 _
§ 9ad 1,784 $ 1822 $__1860 $__1,900 $ 1,40
$ - $ - $ 64626 $ 66136 § 67,676 $ 69,247 $ 70,850 $ 72,485 $ 74152 $ 75,853 $ 77,587 $ 79,357 $ 81161 $ 83,002 $= :134,508 § 146,811 $159,455 $ 172,542 $ 176,211
HomespturabieWilgss
|
Hackley Debt $ -_$ ~,$ 974 $ 1,002_$ 1,031_$ 1,060_$ 1,089 _$ 1,120 _$ 1,205_$ 1244 $ 1,284 $ 1,324 $ 1,365_$ 1,408 $ 2,791 $ 2861 _$ 2,933 $ 3,007_$ 3,032
MPS Debt 2020 $ -_$ _$ 97 $ 100 $ 103 $ 106 $ 109 $ 112 $ 12 $ 124 $ 128 $ 132_$ 137 '$ 14_$ 279 $ 286 S$ 293 $ 301_$ 308
MPS Debt 2021 $ - $s = _$ 15004 $ 15435 $ 15874 $ 16,323 $ 16,780 $ 17,246 $ 18562 $ 19,161 $ 19,773 $ 20397 $ 21,034 $ 21,683 $ 42,985 $ 44,073 $45,183 $ 46,315 $47,470
Comm College Debt $ -_$ -_$ 526 $ s41_$ 5s7_$ 572. $ 58a $ 605 $ 651 $ 672 $ 693 $ ms $ 737_$ 760_$ 1,507 $ 1,545 $ 1,584 $ 1,624 $ 1,665
MPS Sinking Fund $ -$ = $ 1893 $ 1,947 $ 2,002 $ 2059 $ 2116 $ 2,175 $ 2341 S$ 2,417_-$ 2494 $ 2,573 $ 2,653 $2,735 $F 5422 $ 5,859 $ 5,699 $ 5842 $ 5,987
$ -_$ = $ 18499 $ 19,025 $ 19,567 $ 20,119 $ 20,683 $ 21,257 _$ 22,879 $ 23,618 24373 $ 25,142 $ 25,926 $ 26,726 $ 52,984 $ 54325 $ 55,693 $ 57,089 $ 58,512
tal Tax Increment Revenue (TIR) Available for Capture $ -$ = $ 111437 $ 114291 $ 117,202 $ 120,171 $ 123,200 $ 126,289 $ 132,056 $ 135,628 $ 139,270 $ 142,986 $ 146,775 $ 150,641 $ 268,577 $ 284,182 $ 300,286 S$ 316,902 $ 324,170
|Footnot.
Project is located in the DDA and assumes passthrough
Assumes millages rates remain the same.
‘Assumes New NEZon Phase Il with CFE and NEZ expiring for Phase |
Assumes 2% inflation increases
‘Tax Increment Revenue Capture Estimates - Combined
Lake View Lofts
Muskegon, Michigan
March
6, 2025
Estimated Taxable Value (TV) Increase Rate:
Plan Year. 19 2 | a Tite bese eral 24 woe wi 27 2 | a eile Boer TOTAL
Calendar Year 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056
Base Taxable Value $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065 $ 1,484,065/$ 1,484,065
Estimated NewTV_$ 7,602,016 $ 7,958,056 $ 8,117,217 $ 8,279,562 _$ 8,445,153 $ 8,614,056 $ 8,786,337 $ 8,962,064 $ 9,141,305 $ 9,324,131 $ 9,510,614 $ 9,700,826 $ 9,894,842|$ _ 9,894,842
Incremental
Difference (New TV - Base TV)* $ 6,317,951 $ 6,473,991 $ 6,633,152 $ 6,795,497 $ 6,961,088 $ 7,129,991 $ 7,302,272 $ 7,477,999 $ 7,657,240 $ 7,840,066 $ 8,026,549 $ 8,216,761 $ 8,410,777|$ 8,410,777
rapture z
State Education Tax (SET) $ 37908 $ 38844 $ 39,799 $ 40,773 $ 41,767 $ «42,780 $ —43.814 $44,868 S$ 45,943 $ 47,040 $ 48,159 S$ 49,301 :$ 50,465] $ 917,518
School Operating Tax $ 113,723 $ 116532 $ 119,397 $ 122,319 $ 125300 $ 128,340 $ 131,441 $ 134,604 $ 137,830 $ 141,121 $ 144,478 $ 147,902 $ 151,394] $ _2,750,637
$ 151,631 $ 155,376 $ 159,196 $ 163,092 $ 167,066 $ 171,120 $ 175,255 $ 179,472 $ 183,774 $ 188,162 $ «192,637 $ 197,202 $ 201,859 $ 3,668,155
County Operating $ 35078 § 35822 $ 36581 $ «37,355 $ —«3B14S S$ 38,950 $ 39,772 $ —40,609 $41,464 S$ 42,336 $43,225 $ 44,132_§ 45,057] $ 835,567
City Operating $61,627 $ 62,935 $ 64,268 S$ —65,628 $ —67,01S_ $ ~—6BABOD $ ~—69.BT3_ $7,345 $ 72846 S$ 74,378 $ 75,940 S$ 77,533 _$ 79,158] $ _—1,466,907
City Sanitation $18,362 $ 18,751 $ 19,148 $ 19,554 $ 19.967 $ 20,388 $ «20818 $ 21,257 $ 21,704 $22,161 S$ 22.626 $ 23,101 S 23,585 $ 447,642
Hachley Library $ 14705 $ 15017 $ 15,335 $ 15,659 $ «15,990 $ 16,328 $ 16,672 $ 17,024 $ —17,382_$ 17,747 :$ 18,120 $ «18,500 $ 18,888] $ 358,459
County Veterans $ 462 $ 4n2_$ 482_$ 422 $ 503 $. 513 $ 524 $ 535 $ 546 $ 558 $ 569 $ sa1_$ soa] $ 11,264
Senior Citizens Sve $ 3,077_$ 3,142 $ 3,209_$ 3,277_$ 3,346 $ 3,417_$ 3,489 $ 3,562_$ 3,637_$ 3,714 $ 3,792_$ 3,871_$ 3,953| $ 75,009
Central Dispatch $ 1846 $ 1285 $ 1,925 $ 1966 $ 2,007 $ 2,050_$ 2,093 $ 2137_$ 2,182_$ 2,228 $ 2,275 $ 2,322_$ 2371] $ 44,998
Comm College $ 13565 $ 13853 $ 14146 S$ 14445 S$ 14,751 S$ 15,062 _$ 15,380 $ 15,704 $ 16034 $ 16371 S$ 16715 $ 17,066 $ 17,424) $ 330,673
MAISD $29,248 $ 29,868 $ 30501 $ 31146 $ 31805 $ 32,476 _$ 33161 $ 33,860 $ 34572_$ 35,299 $ 36,040 $ 36,797_$ 37,568 | $ 712,970
City Museum $1,982 $ 2,024 $_2,067 $ 2110 2 $ 2,200 $
$ ,155 _ 2,247 $ 2,294 $ 2,392: $
2,342 $ 2442 2 2,545] S
$ ,493 $ 48,307
$ 179,952 $ 183,769 $ 187,662 $ 191,633 § 195,683 $ 199,815 $ 204,028 $ 208,327 $ 212,711 $ 217,183 $ 221,744 $226,397 § 231,142] $ 4,331,795
»n-Capturable Millages
Hachley Debt $ 3,158 $ 3,236 _$ 3,316 _$ 3,397 $ 3,480 _$ 3,564 $ 3,650 _$ 3,738 $ 3,828 _$ 3,919 $ 4,012_$ 4,108 _$ 4,205] $ 76391
MPS Debt 2020 $ 316_$ 324. 332_$ 340_$. 348 $ 356 $ 365_$ 374 $ 383 $ 392_$ 401_$ 41 $ 421] $ 7,641
MPS Debt 2021 $48,648 $ 49850 $ 51,075 $ $2,325 $ «53,600 $ — 54901 $ —56,227 $57,581 $ 58961 $ 60,369 S$ E1804 S$ 63,269 $ 64,763] $__—1,176,672
Comm Coltege Debt $ 1,706 $ 1,748 $ 171 $ 1835 $ 1,879 $ 1,925 $ 1,972 $ 2,019 $ 2,067_$ 2117 _$ 2,167_$ 2219 $ 227] $ 41,259
MPS Sinking Fund $ 6136 $ 6,288 $ 6442 $ 6,600 $ 6,761_$ 6.925 $ 7,092_$ 7,263 $ 7,437_$ 7614 $ 1.75 $ 7,980 _$ 8,169] $ 148,414
$ 59,964 $ 61,445 $ 62,956 $ 64,497 $ — 66,068 $ 67,671 $ —69,307 $ —70,974 $ —72,676:*$ 74411 $ 76,181 $ 7,986 $ _79,828/$ —1,450,378
tal Tax Increment Revenue (TIR) Available
for Capture $ 331,583 $ 339,145 $ 346858 $ 354,725 $ 362,749 $ 370,934 $ «379,283 $ «387,799 $ 396485 $ 405,344 $ 414,381 $ — 423,599 $ 433,001] $ 7,999,950
|Footnotes:
Project is located in the DDA and assumes passthrough
[Assumes millages rates remain the same
Assumes New NEZon Phase Il with CFE and NEZ expitin
[Assumes 2% inflation increases
Tax Increment Revenue Reimbursement Table
Lake View Lofts
Muskegon, Michigan
March
6, 2025
Developer
‘Maximum
_ Total Estimated Capture $7,798,091
oa $ 2,932,133 Estimated Total Administrative Fees $ 384,333
Local 55.2% $ 3,608,427 | $ ~_|$_ 3,608,427 Years of Plan: 32 State Brownfield Fund $ 433526
TOTAL se $_ 6,540,560| LBRF $ 353829
ELE o5% $33,000 | $ = $33,000
MSHDA 99.5% $ 6,507,560 $ = __$ 6,507,560
| SeTy | 2026
Total State Incremental Revenue $ -$ - $ 46812 $ 48,155 $ 49526 $ 50924 $ 52,350 $ 53805 $ 57,905 $ 59,775 $ 61,683 $ 63,629 $ 65,614 $ 67,638 $ 133979 $ 137,371 $ 140,831
State Brownfield Redevelopment Fund (50% of SET) $ -$ Sa (5,869) $ (6,038) $ (6,210) $ (6,385) $ (6,564) $ (6,746) $ (7,258) $ (7492) $ (7,731) $ (7,975) $ (8,223) $ (8477) $ (16,747) $ (17,171) $ (17,604)
State TIR Available for Reimbursement $ -$ - $ 40,942 $ 42,118 $ 43,316 $ 44539 $ 45,787 $ 47,059 $ 50,647 $ 52,283 $ — 53,952 $ 55,654 $ 57,391 $ 59,162 $ 117,232 $ 120,200 $ 123,227
Total Local Incremental Revenue $ -$ - $ 64626 $ 66,136 $ 67676 $ 69,247 $ 70850 $ 72485 $ 74152 $ 75853 $ 77587 $ 79,357 $ 81161 $ 83,002 $ 134598 $ 146811 $ 159,455
BRA Administrative Fee (5%) $ ae | sca - $ (5715) $ (5,860) $ (6,009) $ (6,160) $ (6,314) $ (6,603) $ (6,781) $ (6.964) $ (7,149) $ (7,339) $ (7,532) $ (13429) $ (14,209) $ (15,014)
Local TIR Available for Reimbursement $ -$ - $ 64626 $ 60,421 $ 61816 $ 63,239 $ 64690 $ 66,170 $ 67,549 $ 69,071 $ 70,624 $ 72,207 $ 73,823 $ = 75,A70 $= :121,169 $ 132,602 $ —144,4at
DEVELOPER Balance
MSHDA Housing Activity Costs | $6507,560 |$ 6507560|$ 6507560|$ 6507,560|$ 64025251$ 6300.503'$ 6195,901|$ 60886661$ 5,978,747! $ 5,666,090|$ 5,748490!$ 5,627,748| $ 55038011 $ 5,376585|$ 5.246031| $ 51120811 $ 4,874,883| $ 4,623,357
State | = : 40,736 41,905 43,098 44,315 45,556 46821;$ 50391[$ 52,019 53,680 55,373 57,101 58,863 116,640 119,593 122,605
Local Tax =f = = 64,300 60,116 61,504 62,920 4364 65,836 67,208|$ 68,723 70,267 71243 73450 75089|$ 120558{$ 131,933 143,712
Total MSHDA 6507501 $ 6507,560|$ 6402525 | $ 63005031 $ 6195,901|$ 6088,665|$ 5,978,747'$ 58660901 $ 5,748490|$ 5,627,748| $ 5,503,601| $ 5,376585i$ 5246031] $ 5,112.081|$ 4,874,883'$ 4,623,357|$ 4,357,039
EGE Costs [s 33,000[$ 33,000 33,000 330001$ 32,467 31,950 31,420 30,876 30,318 29,747 29,151 28538 27,910 27,265 26,603 25,923 24,721 23,445|
State | : = 207 213 219 225 231 237 26 264 m2 281 290 298 591 606 622
Local Tax I = = 326 305, 312 319) 326 EE En 348 356 364 372 381 611 669 723,
Total EGLE 33,000 33,000 32467 31,950 314201$ 30,876 30,318 29,747 29,151 28538i$ 27,910 27,265 26,603 25,923 24,721 23,445 22,095
Local Only Costs [s -[s xis 21s -is -1$ -is -Is -is -1$ -Is -Is -Is Sys -Is -Is Ts -[s =|
Local Tax | tS. _§ - $$ - § - § - $ - $ - $ = $ = $= $+ § - ge ge $US Se
Total Local Only Balance | Is -Is =Ts -Is -Is -Is BE -Is -Is -[s -Is -[s BE Is -Is -Is -[s
Total Annual Developer Reimbursement 8 -ls -ls 105,568 | $ 1025391 $ 105,133 | $ 107,778| $ uos77| $ 1132291 $ 118,196| $ 121s] $ 124576| $ 127862|$ 131,213| § 1346321 $ 238,401 $ 2s2802| $
LOCAL BROWNFIELD REVOLVING FUND
LBAF Deposits * $ “18 -[s “[§ -|§ =[5 “[§ “1s -[5 -[s “[s -[s “[5 “15 =]§ “1s -[s 5
State Tax Capture [s -|$ -|$ -|$ -|$ -|$ =S. -1$ -|$ = $ -|[s -|$ 1s -|$ -|$ -|$ -|$ =
Local Tax Capture is els =Is =[s -[s =[s =[s “Is “Is -Is -[s =I - Is SHS = Is a 3 - Is = 1s 5
Total LBRF Capture it
Up to five years of capture for LBRF Deposits after eligible activities are reimbursed. May be taken from EGLE & Local TIR only.
Footnotes:
is located in the DDA.
Project
Assumes millages rates remain the same with th ion ofCity bow
[Assumes 15yr NEZ on Apartments
Tax Increment Revenue Reimbursement Table
Lake View Lofts
Muskegon, Michigan
6, 2025
March
7 zosz f 2083 [2004 mis. | 2086 [ 20397 | 208 | 299 | 2050 [ 2051 f 2082 2053, | «2053 | 2055 | 2056 TOTAL i
Total State Incremental Revenue $ 144,360 $ 147,959 $ 151,631 $ 155,376 $ 159,196 $ 163,092 $ 167,066 $ 171,120 $ 175,255 $ 179472 $ 183,74 $ 188,162 $ 192,637 $ 197,202 $ -|$ 3,466,296
State Brownfield Redevelopment Fund (50%
of SET $ (18,045) $ (18,495) $ (18,954) $ (19,422) $ (19,899) $ (20,386) $ (20,883) $ (21,390) $ (21,907) $ (22,434) $ (22,972) $ (23,520) $ (24,080) $ (24,650) $ -]$ (433,526)
State TIR Available for Reimbursement $ 126,315 $ 129,464 $ 132,677 $ 135,954 $ 139,296 $ 142,705 $ 146,183 $ 149,730 $ 153,348 $ 157,038 $ 160,802 $ 164641 $ 168,558 $ 172,552 $ -]$ 3,032,770
Total Local Incremental Revenue $ 172,542 $ 176211 $ 179,952 $ 183,769 $ 187,662 $ 191,633 $ 195683 $ 199815 $ 208,028 $ 208327 $ 212,711 $ 217,183 $ 221,744 $ 226,397 $ 231,142] $ 4,331,795
BRA Administrative Fee (5%) $ (15,845) $ (16,208) $ (16,573) $ (16,957) $ (17,343) $ (17,736) $ (18,137) $ (18,547) $ (18,964) $ (19,390) $ (19,824) $ (20,267) $ (20,719) $ (21,180) $ —(11,557)} $ (384,333)
Local TIR Available for Reimbursement $ 156,697 $ 160,002 $ 163,373 $ 166,812 $ 170,319 $ 173,897 $ 177,546 $ 181,268 $ 185,064 $ 188,937 $ 192,887 $ 196,915 $ 201,025 $ 205,217 $ 219,585] $ 3,947,462
MSHDA Housing Activity Costs 4,357,039 $ 3,787,449 | $ 3,492,8931 $ 3,191,655 | $ 2,883,602! $ 2563,597|$ 2.246502! $ 1,917,174 4,236,240|$ 884336! $ 524,603|$ 156.886 :
State 125,677 132,008 $ 135,268 $ 138,593 141,985 145,445 148,974 [$ 152,574 seals 163811 167,707 71552 = 2,917,339-
Local Tax 155,906 |$ 162549 165,9701$ 169460 173,019 176650|$ 180,353] $ 184,131 191,913 $ 195,922| $ 200011 85334 : 3,590,221
Total MSHDA 4,075,455 | $ 3,787,449 | $ 3,492,893 $ 3,191,655
| $ 2.883,602| $ 2568597! $ 2246502| $ 1,917,174 $ 1,580,469| $ 884,336 | $ _524,603|$ 156.886 = = :
EGE Costs 22,095 20,667 19,206 17,713 16,185 14,623 13,025 11,392 97221 $ 6,269 4484
831 2,660
850 796
363 == 14,794=]
State Tax 637, 653 669) 686 703 720 738 755. 774 811
Local Tax 791 807 824 242 859 877 896 |$ 915 934 973 994 1,014 433 = 18,206
Total EGLE 20,667 19,206 17,713 16,185 14,623 13,025 11,392 9722 8015 4484 2,660 796 = = :
Local Only Costs [s -Is -[s -|s -is -|s -[s -Is -i$ -I$ -1$ i$ -Is Bi = j
Local Tax $ -_$ -_$ -_$ -_$ -_$ -_$ -_$ -_$ -_$ -_$ $ -_$ =_ $ -_|$ 5
Total Local Only Balance |$ BE; -[s -[s “Is -Is -Is -[s -is -Is -[s “Ts -Is Ts -|s |
Total Annual Developer Reimbursement $ 283012/ $ 289,466| $ 296,050 | $ 302,766 | $ 309,615 | S: 3166021 $ 323,729| $ 330998| $ 333412|$ 345975 | $ 3536891 $ 361,557| $ 369582| $ 157,681 | $ -|[$ 2]
LOCAL BROWNFIELD REVOLVING FUND
LBRF Deposits * $ -|$ -|s -|$ -|s -|$ -|$ -|$ -|$ -|$ -|$ -|$ -|$ -[$_134,244[$ 219,585]$ 353,829
State Tax Capture $ -|$ -|s -{s =|$ -[s -[$ -[$ -l$ -[s =ls =[$ -[s -|$__ 14,794] $ =|$ 14,7941
Local Tax Capture SI - |s$ - I$ Sols - |s$ =a}$: fal sail 'S: am 3 2S ome 3 om ea [3 - eal
_|[$ 119.450[$ 219585]$ 339,035
Total LBRF Capture
* Up to five years of capture for LBRF Deposits aft
| Footnotes:
Project is located in the DDA.
[Assumes millages rates remain the same with the «
Assumes 15yr NEZ
City of Muskegon Brownfield Plan Amendment
351 Phase I! Redevelopment Project
ATTACHMENT A-4
HOUSING SUBSIDY TABLE
12 3/7/2025
Attachment A-4
Housing Subsidy Table
Housing TIF Financing Gap Cap Calculation - Multifamily Rental
Project: 351 Phase II
*City Approved Using 120% AMI as Control Rent
FORMULA poles talilin Location | | te | conrel | | a | = | PRL | x No. of Units | ae | Noe | [pn cae cAP | Per Unit
City BRA AMIControl 120% Muskegon Studio [sie - Staz0 | = [$554] x | 21 [2 30 = $199,440
City BRA AMI Control 120% Muskegon 1 bedroom [:sa702 - —osaaso |] == «($342 ] x =| 11 | 12 30], = [$1,354,320] [$123,120]
[s535#2,560]
*MSHDA Control Rent Calculation
FORMULA | one Location | | Type | | a | - | Project = PRL x No. of Units ae | ail = [on GAP carl Per Unit
MSHDA Control Rents 120% Muskegon Studio [$1790 - —-$iazo_| = ([ se70] x [| 21 | 12 [30] = [[$5,065,200] [$241,200
MSHDA Control Rents 120% Muskegon 1 bedroom [32028 - $1,450 ‘| = (ss78_| x | 11 I 12 {30 | = [ $2,288,880 |
Other Housing Activities Allowed
Site Preparation $75,000
Infrastructure Improvements $860,000
BF/WP Prep and Development $30,000
LVoiafektws
CentralDispatch 02..2196593 $$ :: $$ :: $$ 68933_$$ 69958 $_$ 79172__$$ 7927_$$ 71402__$$ 715083_$$ 71053_$$ 713097_$$ 81060 _$$ 812.2_$$ 81394 $S$ 8Po5u7_$aed 81749 $$ 81922_$$ g1214_$$ 913206 $$ 91429 $$ 916382_$$ 91834
Com Col eg
Fotn es:
LVaoifketws
State EducationTax (SET) 6.0 0 $ 2,789 $ 2,847, $ 2,905 $ 2,965_ $ 3,026 $ 3,08 $ 3,151 $ 3,216 $ 3,282 3,349 _$ 3,417, 3,487_ $ 3,5 8 $ 3,631 $ 3,705 | $ 7 ,509
SCeonuinotryCViettzeernasnSsvc 0002...042179632599123 $$$$ 1,210339947_$$$_$ 1,2103342509____$$$$ 1,21034353680___$$$$ 1,21043473672__$$$$ 1,21043498794___$$$$ 1,2113556832___$$$_$ 1,2113553989____$$$$ 1,21146564803__$$$$ 1,21164869601__$$$_$ 12214176155____$$$$ 1,21246838620__$$$_$ 1,21248763621___$$$$ 1,212497857___$$$$ 1,21394718953__$$_$$ 1,31308444260]]|$|$$$ 2836,,,98035125337,
CeontmralCDoilspeagtch
DDA Agenda Item A
Muskegon Downtown Development Authority Board
Agenda Item A, 5/13/2025
Requested Alteration of Facade Grant at Forrest Tax Accounting Service
Requesting party: Forrest Tax Accounting Service
Outline of request: In 2023 Forrest Tax Accounting Service applied for and was awarded a
facade grant from the DDA for a new sign and resealing/staining the building. Upon taking
possession and occupancy of the building, the ownership determined that the finish on the
building was adequate and did not require refinishing, and they did complete the sign but never
drew down their grant funds. They have since had significant roofing issues while occupying the
building and doing business, and it needs to be replaced. They have gotten three quotes, which
are attached, and are requesting the grant be reallocated to the roof project. This is compliant
with the Recodified TIF Act of 2018, and the funds are currently budgeted and available.
Staff Recommendations: City staff have reviewed all materials with the submitted request and
have no concerns or objections, recommending approval as presented.
Suggested motion: | move to approve the request from Forrest Tax Accounting Services to
reallocate their approved facade grant for a sign and siding to roof replacement and repairs in
an amount not to exceed $9,394.96.
Helferich Construction, LLC
1926 N Weber Rd
Muskegon, MI 49445 US
231-638-0255
helferichconstruction@gmail.com
ADDRESS SHIP TO Estimate 1156
Ashley Forrest Ashley Forrest
DATE 02/13/2025
130 E. Apple Ave
DESCRIPTION QTY RATE AMOUNT
For all required labor and materials to remove the 18 1,295.00 23,310.00
existing flat roof on the section that has not been
replaced (approximately 50’ by 30’), clean up and
dispose of all debris, and install new 1/8th" / Ft. taper
insulation to create positive drainage to the drains, install
1/4" / Ft. taper on East side by drains, and install fully
adhered .060 mill EPDM membrane roof system
including all required components.
10 year warranty on all work performed. We stand by 1 0.00 0.00
our work. This is a 30 year roof system that should be
inspected every few years for preventative maintance,
and is the same system that is on the newer sections of
your building.
TOTAL $23,310.00
Accepted By Accepted Date
There will be a 2.99% transaction fee added for credit card payments
edateles COMPANY, INC Proposal-Acceptance
MUSKEGON, MICHIGAN 49444
: ‘
(231) 722-3937 * FAX (231) 726-6387
LICENSE #210 205 6686
FredricksConstruction.com mmr ma _—
SUBMITTED TO:
DATE OO aC OF PC ANS —
Forest tax & accounting services 4/27/2025
STREET . JOGA KAME
130 E Apple Ave
JOB LOCATION
CITY, STATE AD ZIP COGE
Muskegon, MI
PROSE JOB PHORE PROJECT OIRECTOR
231:-769- 5417 _Trevor Fredricks
SPECIFICATIONS. AND. ESTIMATES FOR:
FOLO
- Tear off existing layers of roofing materials down to roof gypsum deck.
- Apply 2 layers of 2" ISO insulation with adhired system
- Apply 1 layer of 0.60 EPDM fully adhired system
- Install new asphalt drip around perimeter of roof, flash all walls, soil pipes and connect to existing roofs.
~ Clean up and haul away debris.
- 20 year manufacters warranty on materials.
Any decking to be done at time and material.
ersBsa
=
where
—
FOLD FoLg
© FURNISHMATERIAL AND LABOR — COMPLETEIN ACCORDANCE
WITH ABOVE SPECIFICATIONS, FOR THE SUM OF|
Thirty two thousand eight hundred fifty and 00/100 DOLLARS ($32,850.00 )
PAYMENT TO BE MADE AS FOLLOWS
All matenal is quaranteed to be as specitied. All work shail be completed in a workmantike manner accaiding fo | AUTHORIZED SIGNATURE
standard practices. Any alleralion in the above specifications requested by the owner will be executed only upon
watten order and the amount af this contract wil! be increased by the cost of such alteration pius ten parcant (10%), in
the event of any alleged defects in workmanship of materials, the owner agrees to give the contractor written notice .
thereof and at reascnable opportunity and right of entry to the premises for a reasonable time thereafter te correct | NOTE: THIS PROPOSAL MAY BE WITHDRAWN BY US IF NOT ACCEPTED
such defects. Any claims for defects not corrected within a reasonable time after notice shall be subject to arbitration
in accotdance with the rules of the American Arbitration Association, any award rendered thergon shall be fixed and
binding on the parties hereto, and judgment may be entered thereon by any court having jurisdiction thereat. Tho WITHIN DAYS.
contractor shall not be responsible for delays caused by sinkes, accidents, or other contingencies beyond its contrat.
Owner to carry builder's risk, fire, and extended coverage insurance. Tha contraclor's workers ara fully covered by
Worker Disability Insurance,
The above prices, specifications, terms and conditions are9 salistactory and are hereby accapted. Y\ ou az re authorized SIGNATURE
to do the work as spacilied. Payment will be made as outlined above.
1 2% Interest charged on past due accounts ~ 18% per year SSuaTTaE
Date of Acceptance: :
Bullseye Roofing Systems LLC | S) 0 Ea st Ap p | e Ave TPO
Montague, Ml #9437 Roof
05/01/2025
Phone: (231) 286-7930
BULLSEYE rer:
ROOFING SYSTEMS
Luis Diaz
phone: (231) 286-7930
bullseyeroofingsystems@gmail.com
Ashley Forrest Job: Ashley Forrest
Forrest Tax & Accounting Serivces
130 East Apple Avenue
Muskegon, MI 49442
(231) 769-5417
Flat roof Section
We will supply all materials tools and labor to install a new roof system.
System type: Mule-Hide .060 mil TPO, mechanically attached.
Color= White.
Area= Entire roof building
1-Tear off existing roof material down to roof deck, inspect for wood damage **NOTE (this estimate does not include wood repair, any wood repair
will be $2.90 per sq. ft. material and labor.
2-Install 1" ISO insulation (R-5.6) with 3" #14 screws and 3" insulation plates.
3-Install .060 mil TPO mechanical attached, with 2.25" seam plates and 3" #14 screws.
4-Install .060 mil TPO on walls, applied with bonding adhesive.
5-All seams and details to be heat welded.
6-All penetrations to new boots, flashing or field wraps pipe clamps to be used where needed.
7-Install 3"drip edge TPO coated on the entire perimeter.
8-Include all clean up and disposal of debris into state approved landfill.
9- All permit fees are included in this estimate.
. Bullseye Roofing provides a 5-year workmanship warranty\on this system against any leaks or wind damage under 70 mph.
$44,237.42
TOTAL $44,237.42
Builders License
State of Michigan Builders License #262400588
Expiration Date: 05/31/2027
Payment Terms
Bullseye Roofing Systems LLC requires thirty three percent (33%) of the total project cost at the time the contract is signed. For gutter and metal jobs, we
require fifty percent (50%) of the total project cost at the time the contract is signed. Second payment of thirty three percent (33%) is due at the time
material is delivered. For gutter and metal jobs, second payment of twenty five percent (25%) is due when material is delivered. Final payment is due
fourteen (14) days after the invoice is sent. After thirty (30) days there shall begin to accrue interest at 1.5% per month/18% per annum.
Please note that a 3% surcharge is applied to credit card payments.
Terms And Conditions
1) This Contract and the Contract amount is only valid for thirty (30) days from the day the estimate is sent. If not accepted by the Owner in writing within
thirty (30) days, this Contract shall expire and be null and void.
2) Owner agrees Contractor has completely and satisfactorily perfomed all services and supplied all material, unless no later than five (5) days after
Contractor performs such service and supplies such material, Owner mails a detailed and written objection and claim to the address stated above.
3) Any alteration or deviation from the plans and specifiactions involving changes in material or labor shall require a written change order.
Page 1 of 2
DDA Agenda Item C
Muskegon Downtown Development Authority Board
Agenda Item C, 5/13/2025
Budget Overview
Requesting party: City of Muskegon Staff
Outline of request: Staff have written the proposed DDA Budget for fiscal year 2025/2026, and
the financial report as used by staff is provided. We would like to walk the board through this
format, as it is the standardized department budget format we use and only the DDA has
utilized an excel format.
The broad strokes of this DRAFT budget include an effort to return the DDA to a status of
neutral or positive cash flow. As we finalize a budget for you to vote on in your June meeting
for adoption, we wanted to take the opportunity to have a discussion on DDA Board priorities
and see if any changes to this iteration are warranted.
Staff Recommendations: Review and amend the proposed 2025-2026 budget to align with DDA
priorities and commitments.
Suggested motion: Discussion Only
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