By SUE SUCHYTA
Sunday Times Newspapers
WYANDOTTE – The Brownfield Redevelopment and Tax Increment Financing Plan for the redevelopment of the former McKinley School site was approved Dec. 18 by the City Council.
The plan, which included its future use, construction activities, estimated costs, time schedule and the project’s fiscal and economic implications is available on the city website, Wyandotte.net, on page 60 of the Dec. 18 agenda packet.
The total capital cost for the real estate development is estimated to be $10.5 million.
The site is bounded by Seventh Street on the west, Plum Street on the south and Sixth Street on the east.
The existing school structure will be turned into 15 condos and 15 residential apartments. Five two-story single-family homes will be built on Seventh Street site of the property.
The plan is consistent with the city’s goals of supporting its economic development while preserving historic areas of the city.
The project will result in a significant increase in the site’s taxable value. This specific plan will provide 35 years of tax capture by the Wyandotte Brownfield Redevelopment Authority, which will reimburse tax increment revenues back to the developer and the WBRA for eligible activity costs. The plan outlines a 30-year return on investment.