The Leaf-2019 3rd Quarter
Project: MSU Federal Credit Union, Cedar Street Branch
Location: Lansing, Michigan
The MSUFCU Cedar Street Project transformed the former gas station site located in Delhi Charter Township into an MSUFCU local branch office. In 2015 Delhi Township identified this site as a priority development site. Triterra provided Brownfield Consulting services for the developer, which secured $1.125 million in Brownfield incentives through multiple local and state sources including a $370,000 Brownfield Redevelopment Grant from the Michigan Department of Environment, Great Lakes and Energy (EGLE) and $755k in Brownfield Tax Increment Financing (TIF) to raze the former obsolete building and address environmental conditions at the site. Overall benefit to the community includes replacement of a former vacant filling station building with a new branch building on a formerly tax-reverted property that generated zero tax revenue for the township. The improvements to the property are permanent and will significantly increase the taxable value of the property, as well as assist in increasing the property values in the area. The project brings significant investment to this parcel, adds to the economic vitality of the Cedar Street corridor, and adds to the success of the township’s broader development strategy.