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Michigan Project Wins Award On January 27, 2006, Pete Strom, Chairman of the Grand Traverse County Brownfield Authority, presented “The Community Revitalization Award” to the owners of the Copper Ridge development: Connie and Rick Deneweth, Ron Deneweth and Dennis Fedorinchik. The award recognizes Copper Ridge as one of the first successfully completed brownfield redevelopment projects in Grand Traverse County, Michigan. Copper Ridge, located in Garfield Township just outside Traverse City, is a mixed-use health and wellness community that is home to a state-of-the-art surgery center, a diverse retail marketplace, and a residential development featuring townhouses, duplexes and high-end homes. The Grand Traverse County Road Commission once owned the property that is now home to the development. During this period, the land was contaminated with high concentrations of salt that had been stored outside, uncovered, for many years. “It made all the sense in the world to take a closer look at the property,” says Connie Deneweth. “Not only was the site well located in proximity to the city’s main traffic artery, the naturally rugged landscape was begging to be restored to its original beauty.” Formally initiated in the fall of 2000, Copper Ridge is in the process of completing five phases of development and construction, including over 200,000 square feet of retail/office space and 127 new home sites. Copper Ridge is the first brownfield redevelopment site to contribute substantial property tax dollars back to the state of Michigan. In just two years, it has provided $339,000 to the local revolving loan fund (which is used to clean up other sites deemed a priority) and nearly $600,000 in new property tax revenue dollars to the state and school aid fund. Over the next five years, total contributions to the state, its schools and the Grand Traverse County Revolving Loan Fund are expected to exceed $4 million. Four Wisconsin Brownfield-Related Bills Introduced
CenterPoint Bought for $3.4 Billion CalEast Industrial Investors LLC, a joint venture including California Public Employees’ Retirement System and LaSalle Investment Management, has agreed to pay $3.4 billion for CenterPoint, the largest industrial property owner in the Chicago market, which represents a per-share price of $50. CalEast Industrial Investors has been a joint venture partner with CenterPoint Properties Trust on developments, particularly in Southeast Wisconsin. In addition to 33 million square feet of industrial space, CenterPoint has 5.5 million square feet of projects under development. Although the company’s market capitalization is $2.2 billion, CalEast will assume CenterPoint’s debt. The Clean Ohio Assistance Fund recently awarded $290,946 to two communities for cleanup at brownfield sites. The Village of Roseville will receive $120,699 for a Phase II environmental assessment of the former Ungemach Pottery property. The 1.9-acre property was used to support pottery activities from 1875 until 1997. The funding will be used to install monitoring wells and perform soil sampling, an asbestos survey, data evaluation, modeling and reporting. The City of Youngstown will receive $170,247 for a Phase II environmental assessment of nine parcels totaling 10.3 acres. The property has been used for commercial/ industrial purposes since the early 1900’s. The funding will be used to complete the installation of shallow and deep monitoring wells, surface samples, a geophysical survey, a test pit excavation, an asbestos survey, modeling and report preparation. The city plans to develop a technological and/or research facility on the site. BFN |
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