2:39 pm
Wed March 19, 2014

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.

Credit Bob Eccles

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.

Thompson Block partner Tyler Weston explains the benefits of the Obsolete Property Rehabilitation Act tax exemption approved by Ypsilanti City Council.