With a development agreement signed, the deal is not yet complete. It’s going to require more review, public input and votes by public officials before the shovels can hit the ground. Here’s what has to happen before the construction can begin:
— Impact study: Public Sector Consultants will spend the next 30 days on an economic impact study of the proposal. It will forecast the prevailing wage income revenue attributable to the 388 full-time equivalent positions the developers have promised. Also, it will also review how much income tax revenue will be generated by the 1,248 student and 170 market-rate apartments at the development when completed.
— City Council: Lansing’s City Council, which must approve the development deal, will have a public hearing in 30 days on the proposed agreement. A vocal minority opposed to the project is likely to raise two issues. First, why is the city using its credit to float a private development in a floodplain? Second, how will the bonds affect the city’s long-term debt?
— City Planning Commission: The proposal and site designs will go to the planning commission. That body will review it and either approve it, reject it or request modifications. That will also require the plans to be reviewed by city staff. The commission will look to ensure that the project meets zoning requirements and its compliance with the city’s master plan.
— Lansing Parks Board: Since most of the project is on park land, the Parks Board will weigh in on the plan. While it won’t have a final say, its acceptance or rejection of the proposal has to be ratified by the City Council. If the Council backs a dissent from the Parks Board, Continental/Ferguson will have to redraft the park designs and re-submit them for review and approval before that body.
— Brownfield site approval: Economic development officials will work the developer to take the Brownfield plan to state and local officials to sign off.
That approval will create the necessary financial structure to capture the taxes and repay city taxes payers for bonds as well as the developers for some of their expenses in remediating the golf course and making it build ready.
— Final City Council approval: Once all these approvals are done, City Council will vote to approve the issuance of $10.7 million in bonds.