If developer Phil Seybert is also approved for state tax credits, he plans to break ground in July for Mill Point Place, a 24-unit senior community planned for vacant land behind the former Citgo station between Park and Cutler streets.
Although the apartments for residents ages 55 and older would be within village limits, the township collects the taxes.
Under the agreement, the township would receive 4 percent of net rents after utilities instead of traditional property tax payments. The Mount Pleasant developer estimates the annual payments to the township will be between $7,000 and $7,500.
Township Manager Gordon Gallagher said he did not know how much the structure would generate in property taxes since it is not yet built and there is no assessment to base it on. The land is currently vacant and brings in about $100 a year in taxes.
Village Manager Chris Burns said there has not been any interest in the property other than by Seybert, who is partnering on the project with local landowners Chad and Chris Peel.
Seybert also constructed Lloyd’s Bayou Apartments behind Orchard Market in Spring Lake Township. That senior facility operates under a similar non-taxed agreement.
Seybert is requesting state tax credits for the low- to moderate-income apartments, also similar to what is in place at Lloyd’s Bayou.
To read more of this story, see Saturday’s print or e-edition of the Grand Haven Tribune.