March 7, 2008




                Filling the Gap
Fred Zorn, CEcD, Exec Dir - Housing & Neighborhood Svcs
City of Taylor

...
Goals:
 Introduce various tax incentives
         Tax Increment Finance
         Tax Credits
         Tax Abatements
    A...
Incentive Evaluation
    Programs operate over various tax structures:
         Local Property Tax
         Michigan Perso...
Project financing fundamentals
    Net Operating Income (NOI) is the most
    important number in a real estate project:
 ...
Determining NOI
     Gross Rent             Rent at 100% occupancy
+    Tenant Contributions   For operating expenses
-   ...
Real Estate Ratios
    Debt Coverage Ratio (DCR):
    DCR = NOI / Annual Debt Service
    Typical DCRs range from 1.15 to ...
Case Study
  123 Main Street       Rehabilitation project           Post-development Appraised Value: $ 9,000,000.00
  Sub...
Tax Increment Financing
 An Economic Development Tool to Spur Economic Activity.
     What does Tax Increment Financing me...
Tax Increment Financing
    How is tax increment financing determined?
                 First understand the taxable value...
Concept of Tax Increment Financing
   500               New Value

   400
                                       TAX
     ...
Tax Increment Financing cont…
    How is tax increment finance revenue
    generated?
         The Tax Increment Value tha...
Tax Increment Financing cont…
    Does this mean the City will finance
    projects through bonds?
         Financing proj...
Tax Increment Financing cont…
       What about the other taxing jurisdictions?
             Currently the General fund re...
Types of Tax Increment
Financing Authorities
    Brownfield Redevelopment Authority
    Downtown Development Authority
   ...
Case Study v2
    123 Main Street         Rehabilitation project           Post-development Appraised Value: $ 9,000,000.0...
Tax Credits and Tax Abatements
Rehabilitation
 Federal Historic Preservation Tax Credit (20%)
 Federal Pre-1936 Building T...
Tax Credits and Tax Abatements

New construction
 Michigan Brownfield Tax Credit
 Industrial Facilities Tax Abatement
 Mic...
Credits and Abatements
    Tax Credits typically generate equity
    through their “sale”
    Tax Abatement typically lowe...
Federal and State Tax Credits
    Tax Credits typically generate equity through
    their “sale” (or syndication)
        ...
Brownfields Defined
         USEPA Definition:
         “Abandoned, idled, or under-used industrial and
         commercia...
Urban Brownfield




March 2008
Hart
Core Communities                      (As of 1/3/08)     Hartford
                                                   ...
Michigan Brownfield Tax Credit
    A credit against the Michigan Business Tax
    worth up to 10% of the real property
   ...
Case Study v3
 123 Main Street         Rehabilitation project           Post-development Appraised Value: $ 9,000,000.00
 ...
Federal Historic Preservation Tax
Credit
    A 20% credit on qualified expenditures for rehabilitation
    of historic com...
Federal Pre-1936 Building Tax
Credit
    10% credit on investment value based on
    rehabilitation. Used on buildings tha...
MI Historic Preservation Tax Credit
    A 25% credit (5% if used in conjunction with the Federal
    Historic Credit, 15% ...
Case Study v4
  123 Main Street           Rehabilitation project         Post-development Appraised Value: $ 9,000,000.00
...
Federal Low Income Housing Tax
Credits
    Created in part to partially privatize the
    affordable housing industry.
   ...
Federal Low Income Housing Tax
Credits continued…
    4% and 9% Credit Allowed
         4% for new construction w/Federal ...
Tax Abatements
    Tax Abatements are used by a community
    to reduce the post-improvement real and
    personal propert...
Tax Abatements (cont.)
    Types of tax abatements:
         Obsolete Property Rehabilitation Act
         Commercial Reha...
Michigan Obsolete Property
Tax Exemption
    A 100% abatement of non-school real property taxes on
    new value (i.e. imp...
Michigan Commercial Property
Tax Exemption
    A 100% abatement of non-school real property taxes on
    new value (i.e. i...
Michigan Neighborhood
Enterprise Zones
    Rehabilitation value must be greater than
    $5,000. Unit’s true cash value ca...
Michigan Neighborhood Enterprise
Zones (continued)
    On rehab, abates the real property taxes
    on the improvements (i...
Zones
    Renaissance Zone
    Renewal Community (North East Detroit) –
    interesting Commercial Revitalization Deductio...
Renaissance Zone
    Provides an exemption to businesses located
    within or residents living in the Renaissance
    Zon...
Case Study v5
  123 Main Street           Rehabilitation project         Post-development Appraised Value: $ 9,000,000.00
...
Incentives Matrix
                          Rehab   New Construction
Renaissance Zone            $            $
Tax Increm...
Combining Tools
    The incentive programs encompass all federal
    and state tax structures
    Thus, projects which com...
Debt Instruments
    Subordinated debt programs: SBA 504, Detroit
    Community Loan Fund, Detroit Investment Fund,
    Wa...
Final Thoughts
    With creativity, many seemingly
    impossible projects are possible.
    Most programs require approva...
Contact Information:

Corey A. Leon           Anne Jamieson-Urena
AKT Peerless            AKT Peerless
   Environmental   ...
Contact Information:
                Fred E. Zorn, Jr., CEcD
                Executive Director of
                   Hous...
Upcoming SlideShare
Loading in …5
×

Leon, Jameison, Zorn: Filling The Gap

1,581 views

Published on

Track 2: Improve the Market

Published in: Business, Technology
  • Be the first to comment

  • Be the first to like this

Leon, Jameison, Zorn: Filling The Gap

  1. 1. March 7, 2008 Filling the Gap Fred Zorn, CEcD, Exec Dir - Housing & Neighborhood Svcs City of Taylor Corey Leon, CEcD, Director of Development Incentives AKT Peerless Environmental Services, LLC Anne Jamieson-Urena, Senior Project Mgr. AKT Peerless Environmental Services, LLC
  2. 2. Goals: Introduce various tax incentives Tax Increment Finance Tax Credits Tax Abatements Apply each incentive to a case study Layer incentives on a case study March 2008
  3. 3. Incentive Evaluation Programs operate over various tax structures: Local Property Tax Michigan Personal Income Tax Michigan Business Tax Federal Income Tax Apply one-at-a-time to understand effects March 2008
  4. 4. Project financing fundamentals Net Operating Income (NOI) is the most important number in a real estate project: Represents overall cash return on capital Determines the loan amount Used to determine value Determines cash return on equity March 2008
  5. 5. Determining NOI Gross Rent Rent at 100% occupancy + Tenant Contributions For operating expenses - Vacancy Vacancy & collection loss = Effective Gross Income - Annual Operating Taxes, Maintenance, Expenses Insurance, Utilities, Mgmt = Net Operating Cash Available for Debt Income Service March 2008
  6. 6. Real Estate Ratios Debt Coverage Ratio (DCR): DCR = NOI / Annual Debt Service Typical DCRs range from 1.15 to 1.35 Loan to Value Ratio (LTV): LTV = Loan Amount / Post-project Value Typical LTVs range from 0.70 to 0.90 March 2008
  7. 7. Case Study 123 Main Street Rehabilitation project Post-development Appraised Value: $ 9,000,000.00 Suburb, Michigan Commercial tenants only Bank 1 Loan: 6% interest on a 20 year amortization Sources Equity Developer: $ 400,000.00 Gross Rent: $ 1,000,000.00 Tenant Contributions: $ 200,000.00 Vacancy: $ (120,000.00) Bank Bank 1: $ 7,000,000.00 Effective Gross Income: $ 1,080,000.00 Total Sources of Fund $ 7,400,000.00 Sources do not match uses!! Taxes: $ 200,000.00 Uses Insurance: $ 40,000.00 Land $ 100,000.00 Maintenance: $ 40,000.00 Asbestos Abatement $ 200,000.00 Utilities: $ 30,000.00 Construction $ 6,000,000.00 Management: $ 32,000.00 Const Period Expenses $ 500,000.00 Reserves: $ 100,000.00 Architect/Engineer $ 200,000.00 Annual Operating Expenses: $ 442,000.00 Developer Fee $ 2,000,000.00 Contingency $ 1,000,000.00 Net Operating Income: $ 638,000.00 Total Development Co $ 10,000,000.00 Debt Service (Bank 1): ($601,802.09) LTV: 0.78 Cash Available: $ 36,197.91 DCR: 1.06 March 2008
  8. 8. Tax Increment Financing An Economic Development Tool to Spur Economic Activity. What does Tax Increment Financing mean? Tax Increment Financing is used to publicly finance site development improvements for projects or public infrastructure improvements: public facilities enhanced or new infrastructure streetscape enhancements Real Estate Acquisition The intended purpose is to enhance the economic vitality through quality public investment and attract new private investment to the district. March 2008
  9. 9. Tax Increment Financing How is tax increment financing determined? First understand the taxable values. Base taxable- value for the entire district is established or “frozen” at the time the tax increment financing plan is approved New taxable value-value that is created when new investment and inflation occurs within the district. Tax increment value- the difference between the base taxable value and the new value. March 2008
  10. 10. Concept of Tax Increment Financing 500 New Value 400 TAX INCREMENT 300 200 BASE BASE VALUE VALUE 0 Base value Tax Increment Value March 2008
  11. 11. Tax Increment Financing cont… How is tax increment finance revenue generated? The Tax Increment Value that is created based on new investment is multiplied by the available millage rate in the district. This Tax Increment Value x Millage Rate =Tax Increment Revenue March 2008
  12. 12. Tax Increment Financing cont… Does this mean the City will finance projects through bonds? Financing projects on “Pay As You Go Basis”. The Tax Increment Revenues can be pledged to cover debt service on bonds. March 2008
  13. 13. Tax Increment Financing cont… What about the other taxing jurisdictions? Currently the General fund relies on the City levied millage rate to funds its operations. Although the City collects other taxing jurisdiction dollars, it does not get to keep them, they have to be reimbursed to those entities by law. In all TIF Jurisdictions with the exception of Brownfield TIF’s, other taxing units have the ability to opt out. In all cases School Millages are not eligible for collection with the exception of Brownfield TIF if approved by the MDEQ or MEGA Board. March 2008
  14. 14. Types of Tax Increment Financing Authorities Brownfield Redevelopment Authority Downtown Development Authority Local Development Finance Authority (includes Smart Zones) Corridor Improvement Authority Neighborhood Development Authority March 2008
  15. 15. Case Study v2 123 Main Street Rehabilitation project Post-development Appraised Value: $ 9,000,000.00 Suburb, Michigan Commercial tenants only Bank 1 Loan: 6% interest on a 20 year amortization TIF: Brownfield covering Asbestos + DDA $600k Sources Equity Developer: $ 400,000.00 Gross Rent: $ 1,000,000.00 Tenant Contributions: $ 200,000.00 Vacancy: $ (120,000.00) Bank Bank 1: $ 7,000,000.00 TIF Loan: $ 800,000.00 Effective Gross Income: $ 1,080,000.00 Total Sources of Fund $ 8,200,000.00 Sources do not match uses!! Taxes: $ 200,000.00 Uses Insurance: $ 40,000.00 Land $ 100,000.00 Maintenance: $ 40,000.00 Asbestos Abatement $ 200,000.00 Utilities: $ 30,000.00 Construction $ 6,000,000.00 Management: $ 32,000.00 Const Period Expenses $ 500,000.00 Reserves: $ 100,000.00 Architect/Engineer $ 200,000.00 Annual Operating Expenses: $ 442,000.00 Developer Fee $ 2,000,000.00 Contingency $ 1,000,000.00 Net Operating Income: $ 638,000.00 Total Development Co $ 10,000,000.00 Debt Service (Bank 1): ($601,802.09) LTV: 0.78 Cash Available: $ 36,197.91 DCR: 1.06 March 2008
  16. 16. Tax Credits and Tax Abatements Rehabilitation Federal Historic Preservation Tax Credit (20%) Federal Pre-1936 Building Tax Credit (10%) Michigan Historic Preservation Tax Credit (25%) Michigan Obsolete Property Tax Exemption Industrial Facilities and Commercial Property Michigan Brownfield Tax Credit (10%) Michigan Neighborhood Enterprise Zones Low-income Housing Tax Credits March 2008
  17. 17. Tax Credits and Tax Abatements New construction Michigan Brownfield Tax Credit Industrial Facilities Tax Abatement Michigan Neighborhood Enterprise Zones Low-income Housing Tax Credits March 2008
  18. 18. Credits and Abatements Tax Credits typically generate equity through their “sale” Tax Abatement typically lower expenses Both positively influence your Sources of funds March 2008
  19. 19. Federal and State Tax Credits Tax Credits typically generate equity through their “sale” (or syndication) Michigan (MBT) Brownfield Tax Credit (10%) Federal Historic Preservation Tax Credit (20%) Federal Pre-1936 Building Tax Credit (10%) Michigan Historic Preservation Tax Credit (25%) Federal Low Income Housing Tax Credits (4%-9%) March 2008
  20. 20. Brownfields Defined USEPA Definition: “Abandoned, idled, or under-used industrial and commercial facilities where expansion or redevelopment is complicated by real or perceived environmental contamination.” Michigan Definition: Any parcel(s) with contamination above residential standards, blighted or functionally obsolete. March 2008
  21. 21. Urban Brownfield March 2008
  22. 22. Hart Core Communities (As of 1/3/08) Hartford Ionia NOT A COMPLETE LIST Kalamazoo Adrian Iron Mountain Ann Arbor Albion Iron River Lansing Battle Creek Alma Ironwood Lincoln Park Alpena Bay City Ishpeming Livonia Baldwin Village Ludington Center Line Melvindale Bangor Manistee Dearborn Midland Benton Harbor Manistique Dearborn Monroe Benton Township Marquette Heights Bessemer Menominee Mt.Clemens Detroit Big Rapids Mt. Morris Oak Park Bronson East Lansing Mt. Morris Twp Pontiac Buena Vista Twp. Mt. Pleasant Eastpointe Portage Burton Muskegon Ecorse Port Huron Cadillac Muskegon Ferndale Carson City Heights Redford Twp Flint Caspian Norton Shores River Rouge Genesee Twp Cheboygan Norway Royal Oak Twp Gilbralter Coldwater Omer Saginaw Coleman Onaway Grand Rapids Southfield Crystal Falls Owosso Hamtramck Taylor Dowagiac Pinconning Harper Woods Saint Louis Trenton Escanaba Hazel Park Gaastra Sault St.Marie Traverse City Highland Park Gladstone Sturgis Warren Holland Grand Haven Three Rivers Wayne Vassar Inskster Grayling Wyandotte Harbor Beach Wakefield Jackson March 2008 Ypsilanti Wyoming
  23. 23. Michigan Brownfield Tax Credit A credit against the Michigan Business Tax worth up to 10% of the real property improvements (rehab or new construction) and personal property invested at the site. Since most developers and single-purpose entities do not have a MBT liability, can assign the credit through syndication or to a lessee. Only investment after a “pre-approval letter” is issued by the state can be included. March 2008
  24. 24. Case Study v3 123 Main Street Rehabilitation project Post-development Appraised Value: $ 9,000,000.00 Suburb, Michigan Commercial tenants only Bank 1 Loan: 6% interest on a 20 year amortization TIF: Brownfield covering Asbestos + DDA $600k Sources Equity Developer: $ 400,000.00 Gross Rent: $ 1,000,000.00 Brownfield Tax Credits: $ 720,000.00 Tenant Contributions: $ 200,000.00 Vacancy: $ (120,000.00) Bank Bank 1: $ 7,000,000.00 TIF Loan: $ 800,000.00 Effective Gross Income: $ 1,080,000.00 Total Sources of Fund $ 8,920,000.00 Sources do not match uses!! Taxes: $ 200,000.00 Uses Insurance: $ 40,000.00 Land $ 100,000.00 Maintenance: $ 40,000.00 Asbestos Abatement $ 200,000.00 Utilities: $ 30,000.00 Construction $ 6,000,000.00 Management: $ 32,000.00 Const Period Expenses $ 500,000.00 Reserves: $ 100,000.00 Architect/Engineer $ 200,000.00 Annual Operating Expenses: $ 442,000.00 Developer Fee $ 2,000,000.00 Contingency $ 1,000,000.00 Net Operating Income: $ 638,000.00 Total Development Co $ 10,000,000.00 Debt Service (Bank 1): ($601,802.09) LTV: 0.78 Cash Available: $ 36,197.91 DCR: 1.06 March 2008
  25. 25. Federal Historic Preservation Tax Credit A 20% credit on qualified expenditures for rehabilitation of historic commercial or rental residential properties. Properties must be either listed individually or be a contributing building in a district on the National Register of historic places. The rehabilitation work must follow the “Secretary of the Interior’s Standards for Rehabilitation” in order to qualify for the tax credit. After the rehabilitation, the historic building must be used as an income-producing property for at least five years. March 2008
  26. 26. Federal Pre-1936 Building Tax Credit 10% credit on investment value based on rehabilitation. Used on buildings that were put in service prior to 1936 but not eligible for the 20% credit. Rehabilitation expenses must exceed the property’s basis. No residential uses, not even rental. Limitations on building changes are much less restrictive than the 20% credits. March 2008
  27. 27. MI Historic Preservation Tax Credit A 25% credit (5% if used in conjunction with the Federal Historic Credit, 15% if used in conjunction with the Federal Pre-1936) on “qualified rehabilitation expenditures”. Work must be conducted and certified as consistent with the “Secretary of the Interior’s Standards for Rehabilitation” for Historic Preservation. For most of Michigan, must be in a locally designated historic district. The State Historic Preservation Office (SHPO) reviews both the State and Federal Tax Credit applications. March 2008
  28. 28. Case Study v4 123 Main Street Rehabilitation project Post-development Appraised Value: $ 9,000,000.00 Suburb, Michigan Commercial tenants only Bank 1 Loan: 6% interest on a 20 year amortization TIF: Brownfield covering Asbestos + DDA $600k Sources Equity Developer: $ 400,000.00 Gross Rent: $ 1,000,000.00 Brownfield Tax Credits: $ 830,000.00 Tenant Contributions: $ 200,000.00 Pre-1936 Building: $ 970,000.00 Vacancy: $ (120,000.00) Bank Bank 1: $ 7,000,000.00 TIF Loan: $ 800,000.00 Effective Gross Income: $ 1,080,000.00 Total Sources of Fund $ 10,000,000.00 Taxes: $ 200,000.00 Uses Insurance: $ 40,000.00 Land $ 100,000.00 Maintenance: $ 40,000.00 Asbestos Abatement $ 200,000.00 Utilities: $ 30,000.00 Construction $ 6,000,000.00 Management: $ 32,000.00 Const Period Expenses $ 500,000.00 Reserves: $ 100,000.00 Architect/Engineer $ 200,000.00 Annual Operating Expenses: $ 442,000.00 Developer Fee $ 2,000,000.00 Contingency $ 1,000,000.00 Net Operating Income: $ 638,000.00 Total Development Co $ 10,000,000.00 Debt Service (Bank 1): ($601,802.09) LTV: 0.78 Cash Available: $ 36,197.91 DCR: 1.06 March 2008
  29. 29. Federal Low Income Housing Tax Credits Created in part to partially privatize the affordable housing industry. The program works by providing investor equity, thus reducing the amount of debt service on a project, allowing for lower rents to be charged to tenants while still producing positive cash flow. The program provides a dollar-for-dollar reduction in tax liability for owners (and partners). March 2008
  30. 30. Federal Low Income Housing Tax Credits continued… 4% and 9% Credit Allowed 4% for new construction w/Federal subsidies (i.e., tax-exempt bonds); 4% credit for acquisition of existing buildings which are substantially rehabilitated; and 9% for new construction/rehabilitation expenditures w/out Federal subsidies. March 2008
  31. 31. Tax Abatements Tax Abatements are used by a community to reduce the post-improvement real and personal property taxes. Used to spur or reward new investment – tax abatements do not impact the current level of taxes. March 2008
  32. 32. Tax Abatements (cont.) Types of tax abatements: Obsolete Property Rehabilitation Act Commercial Rehabilitation Act Neighborhood Enterprise Zone Industrial Facilities Tax Abatement Renaissance Zone March 2008
  33. 33. Michigan Obsolete Property Tax Exemption A 100% abatement of non-school real property taxes on new value (i.e. improvements) from rehabilitation of a commercial or rental residential building located in a “Core Community”. Abatement may last up to 12 years. Property must be contaminated, functionally obsolete or blighted. Must be in an OPRA district and should have an approved certificate before making improvements. March 2008
  34. 34. Michigan Commercial Property Tax Exemption A 100% abatement of non-school real property taxes on new value (i.e. improvements) from rehabilitation of a commercial or multi-family building that meet certain requirements. Abatement may last up to 10 years. Property must be within a Commercial Rehabilitation District of not less than 3 acres in size (if downtown area, can be less than 3). Within 6 months of starting improvements, the developer needs to file their Exemption Certificate application. March 2008
  35. 35. Michigan Neighborhood Enterprise Zones Rehabilitation value must be greater than $5,000. Unit’s true cash value can not exceed $80,000 prior to rehab or construction. District must be established and an exemption certificate applied for before any permits pulled. Certificates may be approved for 15 years (17 years if historic tax credits used) and are transferable to new owners. March 2008
  36. 36. Michigan Neighborhood Enterprise Zones (continued) On rehab, abates the real property taxes on the improvements (i.e. freezes taxes at their pre-rehab level). On new construction, reduces the total property rate to ½ of the statewide average rate (about 17 mills for owner- occupied property). March 2008
  37. 37. Zones Renaissance Zone Renewal Community (North East Detroit) – interesting Commercial Revitalization Deduction (http://www.hud.gov/offices/cpd/economicdevelopment/programs/index.cfm) Empowerment Zone – only employment tax credit is left, all other benefits expired December 31, 2004 March 2008
  38. 38. Renaissance Zone Provides an exemption to businesses located within or residents living in the Renaissance Zone. Exemption covers most Michigan and local taxes including Michigan Personal Income Tax, Detroit Personal Income Tax, non-debt property taxes, Michigan Business Tax, utility users tax. Each Zone has its own expiration date (most between 2008 through 2017). March 2008
  39. 39. Case Study v5 123 Main Street Rehabilitation project Post-development Appraised Value: $ 9,000,000.00 Suburb, Michigan Commercial tenants only Bank 1 Loan: 6% interest on a 20 year amortization TIF: Brownfield covering Asbestos + DDA $600k Sources Equity Developer: $ 400,000.00 Gross Rent: $ 1,000,000.00 Brownfield Tax Credits: $ 830,000.00 Tenant Contributions: $ 200,000.00 Pre-1936 Building: $ 970,000.00 Vacancy: $ (120,000.00) Bank Bank 1: $ 7,000,000.00 TIF Loan: $ 800,000.00 Effective Gross Income: $ 1,080,000.00 Total Sources of Fund $ 10,000,000.00 Taxes: $ 40,000.00 Obsolete Property Uses Insurance: $ 40,000.00 Land $ 100,000.00 Maintenance: $ 40,000.00 Asbestos Abatement $ 200,000.00 Utilities: $ 30,000.00 Construction $ 6,000,000.00 Management: $ 32,000.00 Const Period Expenses $ 500,000.00 Reserves: $ 100,000.00 Architect/Engineer $ 200,000.00 Annual Operating Expenses: $ 282,000.00 Developer Fee $ 2,000,000.00 Contingency $ 1,000,000.00 Net Operating Income: $ 798,000.00 Total Development Co $ 10,000,000.00 Debt Service (Bank 1): ($601,802.09) LTV: 0.78 Cash Available: $ 196,197.91 DCR: 1.33 March 2008
  40. 40. Incentives Matrix Rehab New Construction Renaissance Zone $ $ Tax Increment Programs $ $ Neighborhood Enterprise $ $ Zone (Residential) Commercial Property Tax $ IFT Only Abatements (IFT, OPRA, Commercial) Brownfield Tax Credits $ $ Historic Tax Credits $ n/a March 2008
  41. 41. Combining Tools The incentive programs encompass all federal and state tax structures Thus, projects which combine incentives can leverage each tax structures to increase returns A rehabilitation of a structure might get: Federal Historic Tax Credits, Michigan Historic Tax Credits, Brownfield Tax Credits and Obsolete Property Rehabilitation Act tax abatement. March 2008
  42. 42. Debt Instruments Subordinated debt programs: SBA 504, Detroit Community Loan Fund, Detroit Investment Fund, Wayne County Urban Loan Fund Mezzanine capital: Downtown Development Authority loans, Detroit Investment Fund Tax Exempt Bonds: Michigan Strategic Fund, Michigan State Housing Development Authority, Economic Development Corporations, Port Authorities New Markets Tax Credits – Wayne County – Detroit CDE March 2008
  43. 43. Final Thoughts With creativity, many seemingly impossible projects are possible. Most programs require approval before you start the project. Approval timeframes can be 2-12 months so start early. March 2008
  44. 44. Contact Information: Corey A. Leon Anne Jamieson-Urena AKT Peerless AKT Peerless Environmental Environmental 607 Shelby, Suite 900 22725 Orchard Lake Rd Detroit, MI 48226 Farmington, MI 48336 313-962-9353 248-615-1333 Fax 313-962-0966 Fax 248-615-1334 leonc@aktpeerless.com Jamiesona@aktpeerless.com March 2008
  45. 45. Contact Information: Fred E. Zorn, Jr., CEcD Executive Director of Housing & Neighborhood Services City of Taylor 23555 Goddard Taylor, MI 48180 (734) 374-1661 (734) 374-1342 fax fzorn@ci.taylor.mi.us March 2008

×