The Lincoln Township Board of Trustees will soon consider the approval of a tax increment financing plan for the new Red Arrow Bluffs apartment complex at the site of the former Snowflake Motel on Red Arrow Highway.

Trustees held a public hearing on the plan this week. It would enable the growth of property taxes on the site to be captured for a period of years so the developers can partially recoup their initial investment.

Jared Lutz of Michigan Growth Advisors has been working with Red Arrow Bluffs developer Great Lakes Capital. He told trustees lawmakers in 2023 changed Michigan’s brownfield law to help address the state’s housing shortage.

“And what they did in 2023 was allow housing property to be eligible property instead of just facilities or contaminated property or functionally obsolete property,” Lutz said. “New housing units and housing creation are also eligible now under this plan.”

Isaac Hall with Great Lakes Capital said the 2023 changes have made projects like Red Arrow Bluffs viable again.

“Without this TIF, the project simply doesn’t pencil… Really no multifamily project pencils due to the cost of development,” Hall said.

The $44 million Red Arrow Bluffs will include 200 units across six buildings. Trustees were told to qualify for the brownfield TIF, 30 units will income-restricted, set aside for those with incomes of 80% to 120% of the area median income.

Trustees had little comment on the plan during Tuesday’s meeting. They could vote on it next month, and then it would go to the state for final approval.