|West Broadway Revitalization Project|
SUBJECT: West Broadway Revitalization Project (Mt.Pleasant, MI)
On July 25, 2005 the City Commission of Mt.Pleasant, MI voted 6-0 to support a resolution in the proposed West Broadway Revitalization Project that will complete renovation of a historic industrial site called the Borden Building in downtown Mt.Pleasant.
The West Broadway Revitalization Project will rehabilitate the environmentally contaminated, long vacant, and blighted Borden/Bader Building on the downtown's west end and lead to further successful development in the downtown's western edge. Such renovation would spur the economic development of downtown Mt.Pleasant with a multi-story, mixed use commercial building.
Completion of renovation work on the Borden/Bader Building, assures the long-term practical utilization of the city's oldest surviving industrial site as well as indefinitely preserves a treasured historic landmark building.
In addition to the renovation to the Borden/Bader Building is the development of an adjacent property which will contain a privately owned, multi-story, mixed use, development designed around a high-profile commercial anchor.
The project as proposed have received preliminary and enthusiastic support from several State of Michigan agencies (MEDC, SHPO, and MSHDA). Private development of the adjacent property will also generate new state matching funds, as MSHDA has committed financing to compile a housing needs and inventory study for the entire community.
Incumbent on moving the proposal forward would be the city's agreement to relocate its offices, purchasing 28,000+ square feet (roughly 75% of the building) at a cost of approx. $3.5million. At the end of a 5-year statutory lease period held by the project Developer, the City of Mt. Pleasant would be gifted title to the entire building (approx. 39,000 sq. ft.), all of its improvements, and the real property, by the Developer.