Next Step for Thompson Block: Brownfield Tax Credits
Developers of the Thompson Block in Ypsilanti's Depot Town have secured a 12-year Obsolete Property Rehiabilitation Act tax credit from city council.
Project partner Tyler Weston said the city also approved a Brownfield plan for the project, so the next step is to ask Washtenaw County for Brownfield tax credits.
"What Brownfield allows us to do is essentially get paid back for site improvements at the property" Weston explained. He said those improvements include things like added parking space and structural improvements to the building.
Plans for re-development of the Thompson Block include 16 loft apartments located above first-floor retail space.
Weston said they've secured a letter of intent from a local entrepeneur who'd like to open a restaurant in the building.