COLDWATER, MI (WTVB) – Plans for another housing project in Coldwater are moving forward.
The City of Coldwater’s Brownfield Redevelopment Authority approved and recommended to the City Council during a special meeting Monday that a tax increment financing district be established for a proposed apartment development on the east side of the city.
Redstone Homes of Grand Rapids is developing 228 multi-family residential units on Carriage Circle north of the Home Depot store with a total capital investment of $38 million.
According to the amended Brownfield Plan that was submitted to the City, the duration of the plan is estimated to be 16 years. The proposed redevelopment consists of four parcels totaling about 6.7 acres.
The full recapture of eligible costs and eligible administrative costs of the authority will continue until 2041.
Under a tax increment financing plan, as taxes increases due to the development, that money goes to repay the cost of infrastructure and utilities that were put in for the project.
The development is now expected to include a mix of about 24 one-bedroom units, 109 two bedroom units, and 95 three-bedroom units.
The development is also expected to include 68 income-restricted units for a duration of 15 years. The balance of the units are expected to be available for rent at market rates.
The 19 structures are expected to have 12 residential units each. Amenities associated with the development are
expected to include a playground, dog park, and a community building along with 365 parking spaces.
Construction on the project is expected to take three years and is planned to begin this fall.
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