Last week the city of Fenton Downtown Development Authority ended its agreement with the Michigan Brewing Company to redevelop the City’s former Fire Hall as a microbrewery and restaurant.
In the four days since that termination, the Downtown Development Authority has been contacted by multiple restaurants and microbrewers who are interested in developing the city’s former Fire Hall.
To provide for an organized review of possible development plans for this site, Fenton DDA Chairman Craig Schmidt has set out a plan to receive new requests of interest for the Fire Hall development. Parties interested in developing the Fire Hall location must provide the following to the DDA by Monday May 14, 2012 at 5:00 p.m.
- A letter from the firm stating their interest.
- A preliminary concept for their project.
- An estimated construction timeline.
- A letter from a financial institution confirming the ability to finance up to a $2 million project.
Schmidt has established a committee of the DDA Board that will review any proposals submitted by that time and select up to two or three prospects to interview regarding the project and their proposal. The committee may also request a detailed financial analysis of a party’s capability to complete the project. Once completed, the committee will report to the DDA Board.
“The DDA believes that this project needs to move forward as quickly as possible. While the timeline is very tight, we believe a reputable developer can be found within this time frame,” said DDA Executive Director Michael Burns.
The DDA has previously committed to provide financial assistance for the project, but the amount of assistance may or may not be the same that was offered to the Michigan Brewing Company in 2010. The previous agreement provided for a seven year lease to purchase agreement with a rental for $1 per year and an option to purchase the building for $1 after the seventh year. It is expected that such terms would continue, though the DDA will be reviewing the amount of any additional subsidy toward redevelopment.
Interested parties with questions should contact Burns at 810-629-2261.
* Information provided by the Fenton Downtown Development Authority