Traverse City Record-Eagle

Archive: Tuesday

May 28, 2013

Authority considers TBA project

TRAVERSE CITY — Final funding for cleaning up old pollution around a new, three-story downtown building is falling into place.

Traverse Bay Area Credit Union plans to build its new headquarters at the corner of East Front and Hope streets. The $7.3 million project sits atop soil contaminated by a former gas station, and TBA is lining up local and state assistance for environmental cleanup.

The Grand Traverse County Brownfield Redevelopment Authority on Wednesday will vote on a development agreement with TBA helping to fund demolition, cleanup and other environmentally protective measures.

"Once the work plan is approved, that's the green light to go forward," said John Sych, director of county planning and economic development.

Environmental cleanup accounts for about $2.3 million of the project's total cost, partly paid through a Michigan Department of Environmental Quality loan. The Michigan Economic Development Corporation approved a plan last week to capture $1 million in public money to help demolish two Front Street buildings.

The brownfield authority would repay the state and credit union with captured property tax revenue generated by the project.

Authority member Herb Lemcool said following approval, cleanup and construction work can begin as soon as June 1.

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