Page 8 - LRCC July 2022 Focus

MEMBER NEWS FOCUS MAGAZINE | JULY 2022

Trustees Approve Meridian Redevelopment Fund Request

Investing in Downtown Okemos Infrastructure

VILLAGE OF OKEMOS, LLC ASSISTING TOWNSHIP IN COMPLETING
$1.25 MILLION IN IMPROVEMENTS

he Meridian Township Board of Trustees will The Meridian Redevelopment Fund was established
invest $1.25 million into public infrastructure by Meridian Township with the sale of property
Timprovements in Downtown Okemos to allow for within downtown Okemos and supplemented with
improved roads, utilities, and more. The improvements general fund and COVID relief federal dollars. The
will pave the way for the proposed Village of Okemos fund intends to be used on projects like the proposed
development to move toward vertical construction on its Village of Okemos as source funds toward specific
private land near the public infrastructure projects. allowable costs. The fund is controlled by the Township
Board based on
recommendations
from the Meridian
Economic
Development
Corporation (EDC).

The approved
request does not
provide dollars for
private investment,
including to the
Village of Okemos.
The development
team will assist
the Township in
implementing
and managing
the infrastructure
improvements.
The resolution
approved
improvements
to stormwater
management,
gas and electric
A Resolution to Recommend Approval of the Meridian utility connection, and addressing water, sewer, and
Redevelopment Fund request from the Village of Okemos utility updates within the public rights of way on
project was unanimously approved at the May 17 Board Ardmore, Clinton, Hamilton and Methodist streets and
of Trustees meeting, following an April 26 public hearing. easements. These streets surround the redevelopment
The proposed mixed-use Village of Okemos development project site but are all public land and infrastructure.
includes a restaurant and retail-focused commercial
space and apartment living options at the intersection of The Village of Okemos developer has invested over $6.5
Okemos Road and Hamilton Road in Okemos. million to-date for land acquisition, due diligence, asbestos
abatement and demolition of buildings, pre-development
“The purpose of using these funds – the $1.25 million – is planning, architectural plans, and engineering services
for public infrastructure, specifically to redevelop the to secure approvals necessary to develop the project.
streets around this complex that is proposed,” said Pending all approvals needed, the Village of Okemos
Meridian Township Trustee Marna Wilson, during the project is expected to invest an estimated $85 million and
meeting. “So, this is money we would have to spend at be completed by the end of 2024. l
some point, and it makes sense to do this as part of the
overhaul of this area. So, no matter whether the project
goes forward or not – this is work that needs to be done.”

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