To: Martin L. Cousineau, Finance Committee Chairperson
From: Deborah L. Cherry, Treasurer
title
RE: Approval of a request by Genesee County's Treasurer to approve Grand Blanc Marketplace, LLC to utilize PACE financing for the redevelopment of the former Grand Blanc Kmart property
recommendation
BOARD ACTION REQUESTED:
Approval of Grand Blanc Marketplace, LLC to utilize PACE financing on the redevelopment of property located at 12720 S. Saginaw Street in Grand Blanc, Michigan, parcel number 56-15-400-006, with said financing to be used for energy efficiency improvements and to build above code.
BACKGROUND:
In 2014, the Board adopted resolution 14-440, establishing a property assessed clean energy (PACE) program in Genesee County. The purpose of the program is to promote the use of renewable energy systems and energy efficient improvements when developing certain real property by working with property owners to secure PACE funding. Financing of PACE projects does not require the use of any County funds, County taxes, nor County credit of any kind. PACE financing allows for payments to be attached to taxes as a special assessment in the event loan payments are not made.
DISCUSSION:
The Treasurer believes the redevelopment of the former K-Mart property on Saginaw Street in Grand Blanc, MI, owned by Grand Blanc Marketplace LLC, is a valid use of PACE financing as it will improve property values, reduce energy costs and increase the workforce in Genesee County. The property is being redeveloped into four large box retail buildings, with two additional multi-tenant smaller retail buildings. The new build construction intends to utilize PACE financing to build above code and include energy efficient improvements. The term of the assessment is 25 years and the cost for just the PACE project is estimated at just over $4.6 million.
IMPACT ON HUMAN RESOURCES:
This project has no impact on Human Resources
IMPACT ON BUDGET:
This project has no impact on the budget.
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