THE OWOSSO BROWNFIELD REDEVELOPMENT AUTHORITY recommended the approval of a 13-year Brownfield tax abatement to finance the $3.2 million project of a property purchased by J&H Oil (previously Stechschulte Gas and Oil) on the northeast corner of Gould Street and M-21. Owosso City Council agreed to move the project forward in the process during the meeting Monday evening.
According to information provided by Owosso City Manager Nathan Henne, “the proposed Brownfield TIF (Tax Increment Financing) would capture education tax so that component would need to be approved by the DEQ and the Michigan Strategic Fund.”
The effects on Owosso’s general fund are estimated at $117,606 over the proposed 13-year period.
The plans for the property include building a new fueling structure/convenience store. PM Environmental is working with J&H Oil and the city on this Brownfield plan, allowing for redevelopment and clean up of the currently contaminated location.
(Independent Photo/Karen Mead-Elford)