A project that will transform the former Farmington State Savings Bank (Village Mall) building in Downtown Farmington got help Monday with nearly $400,000 in expenses related to site demolition and clean up.
Farmington city council members during an electronic meeting approved the provisions of a Brownfield Redevelopment Plan that provides no more than $399,430 to Farmington Hills-based GLP Financial. The company plans to move its headquarters into the building, which will over the next year undergo a complete transformation.
Jeremy McCallion, a consultant with AKT Peerless, said activities eligible for reimbursement include demolition, and abatement of lead, asbestos, and mold, along with preparation of the brownfield plan. The project is considered eligible because the property is considered “functionally obsolete”.
“Functional obsolescence in this case includes awkward and problematic layout of tenant spaces, all interior floors are in extremely poor condition, presence and piles of construction debris, repair and replacement of interior walls, flooring, ceiling tiles, lighting and windows, and all mechanical, including heating and cooling, and fire suppression, requiring upgrading and/or replacement,” City Manager David Murphy wrote in an agenda memo.
GLP Financial will sink about $4 million into the property, including the purchase price and rehabilitation, McCallion said. The project will create 30-40 construction jobs, and 30 full-time jobs will be added once it’s complete.
To recoup costs, the Farmington Downtown Development Authority (DDA) will transfer 85 percent of the captured increase in taxes generated by property improvements to reimburse the city’s Brownfield Redevelopment Authority. Repayment is expected to take 15 years.
McCallion showed renderings of the project, which removes ceilings and opens up the former bank building with three floors of office and meeting space. Workers have already exposed the original wood ceiling; the company’s goal is to retain as much as possible of the building’s historical character.
On the outside, McCallion said, “The intent is to drop these windows down closer to the street level to allow more light to come in to the space… They’re opening up the space completely.”
Project completion is expected in the first quarter of 2021.
View the full discussion and more information: farmgov.com/City-Services/Government/Agendas-and-Minutes.aspx