Tuesday, June 19, 2001
The Michigan Economic Development Corporation (MEDC) will assist the Grand Traverse County Brownfield Authority with infrastructure improvements, including the realignment and reconstruction of West Boardman Lake Avenue in Traverse City.
These public improvements will enable Boardman L.L.C. to develop up to 174 new condominiums on approximately 13.5 acres of land in Traverse City.The total company investment is more than $15 million.
“The company’s investment in Traverse City will restore a severely underused property and help increase the property value along the waterfront,” said Doug Rothwell, president & CEO of the Michigan Economic Development Corporation.
As part of this project, the City of Traverse City will purchase two easements that will give access to the Boardman Lake Waterfront.The easements tie into a recreational area that will surround Boardman Lake and are also supplemented by a Waterfront Redevelopment Grant awarded to the City in May 2000.The easements will allow for a continuous pedestrian pathway through the property to eventually encircle the entire lake.
“West Boardman Lake Avenue is a top transportation project and a critical need for the City,” said Richard Lewis, city manager, City of Traverse City.“Approval of the work plan will make this road a reality and help the City achieve our community goals of maintaining a vital downtown while preserving the residential neighborhoods.”
The project will help increase public safety by rerouting existing railroad tracks along West Boardman Lake Avenue.Rerouting the railroad tracks will also alleviate some of the noise and congestion of the neighborhoods near downtown.
Recent amendments to the Brownfield Redevelopment Financing Act allow a brownfield authority to capture property taxes for an expanded set of activities, including infrastructure improvements, demolition of structures and site preparation.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.