The developer is also seeking brownfield financing through the city.
(As seen on WZZM TV 13) The Grand Rapids Downtown Development Authority has approved the recommendation of its Downtown Grand Rapids Inc. administrative staff to provide $70,000 in two grants and up to $1.48 million in future tax increment receipts to support the planned $35 million total re-development of the historic Waters Building on Ottawa Avenue downtown.
Waters Building LLC is also seeking brownfield tax increment financing from the city of Grand Rapids in the amount of $2,675,110 for the project, expected to require hard construction costs of about $12.5 million and expected to begin in late 2014, with completion in 12 to 15 months.
Grand Rapids Economic Development Director Kara Wood said the Waters Building qualifies for brownfield status because there are concentrations of copper, mercury and zinc in the soil, and because it is an underutilized property that is 50 percent vacant.