Third Coast In The News

Renaissance Zone sought for Hart & Cooley site, Editorial, The Holland Sentinel, Holland, Michigan, April 23, 2007

Redevelopment of the Hart & Cooley site in Holland Township hinges on incentives, developers say.

A 16-year Renaissance Zone, according to Grand Rapids-based Third Coast Development, would provide the tax break needed to attract tenants to its proposed 45-acre mixed use site.

It also would help the developers deal with environmental conditions at the 500 E. Eighth St. location, which include "topographical, wetland and pollution issues."

And the proposed zone, the first non-agriculture Renaissance Zone for Ottawa County, they say would increase for the township over the long run the taxes it collects because of the improvements the property owner can make while the property enjoys its tax-free status.

"The real estate tax increase will more than offset the tax loss," developers wrote in their April 16 letter to the township. "Additionally, the benefit continues to grow each additional year."

Third Coast wrote if the property remained on the tax roll and was not redeveloped the township's net tax collection would be about $1.9 million at the end of 20 years.

With the zone and Third Coast's $40-million investment, those taxes would be about $4.5 million at the end of 20 years.

The township will have a public hearing first and then decide whether to approve the development's concept. If that occurs, the township will make a request to the state for the zone designation.

Members of the state legislature would need to author new legislation to allow for new Renaissance Zones.

"There are not any Renaissance Zones available through the application process," said Randy Thelen, president of Lakeshore Advantage, an economic development group in Zeeland.

There are two agricultural processing Renaissance Zones already in the county, Thelen said.

A formal agreement between the township, Third Coast and possibly the state would be next. This critical step would be a detailed look at the requirements the township will seek and enforce.

Jane Clark, president of the Holland Chamber of Commerce, said there's a lot of potential for the site.

"I'm excited to learn more about the project and their ideas," she said.

BY JEREMY GONSIOR