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.
IMPACT ON FACILITIES:
This project has no impact on County facilities.
IMPACT ON TECHNOLOGY:
There is no impact to County technology
CONFORMITY TO COUNTY PRIORITIES:
The approval of PACE financing for this project meets all County priorities. The redevelopment of this property is an example of community growth. The redevelopment is eliminating an old structure in need of major repair and constructing a new building to make the area safer, ultimately promoting a safer and healthier community. The project will increase property values in the area, increasing tax revenues which in turn will have an impact on the long-term finances of the County. This project, and others like it, have the potential to impact all areas of Genesee County.
resolution
TO THE HONORABLE CHAIRPERSON AND MEMBERS OF THE GENESEE COUNTY BOARD OF COMMISSIONERS, GENESEE COUNTY, MICHIGAN
LADIES AND GENTLEMEN:
WHEREAS, this Board of County Commissioners of Genesee County, Michigan (“Board”), recognizes the importance of the Property Assessed Clean Energy (PACE) program adopted by this Board in resolution 14-440 and amended under resolution 2021-1095 as well as resolution 2024-327, and finds the redevelopment of property located at 12720 S. Saginaw Street, Grand Blanc, Michigan, (parcel number 56-15-400-006), meets the criteria for PACE financing.
NOW THEREFORE, BE IT RESOLVED, by this Board that the request by the Treasurer to authorize using PACE financing, as applied for by Grand Blanc Marketplace, LLC, for the purpose of making improvements above building code and making energy efficient improvements at the above property, is approved (a copy of the memorandum request and supporting documents being on file of the September 11, 2024 meeting of the Finance Committee of this Board), and both the Chairperson of this Board and the Treasurer are authorized, as necessary, to execute any necessary documents on behalf of Genesee County.