Brownfield Plan Approved to Construct Best Financial Credit Union's First Ottawa County Branch Office

On August 23, the Ottawa County Board of Commissioners approved a Brownfield Plan that will pave the way for Best Financial Credit Union (Best FCU) to construct their first Ottawa County branch office in the Village of Spring Lake.  The Brownfield Plan will allow Best FCU to utilize Tax Increment Financing to help offset the cost of the cleaning up this contaminated site at the corner of Savidge and School Streets, just north of Millpoint Park along the Grand River.  The site is a current “brownfield” due to the presence of contamination from previous industrial uses.

“We are excited to open our first Ottawa County branch office, and to open it on a site that was in need of redevelopment.  Taking a defunct property and turning into a place of employment for local residents is a win for everyone,” commented Morgan Rescorla, President and CEO of Best Financial Credit Union.  Site plan approval by Spring Lake officials is pending, and, if approved, Best FCU hopes to close on the property on December 1, 2016.  After investing $1,150,000 in the purchase and improvement of the property, Rescorla estimates they will hire 4 full time and 3 part time employees at the new Spring Lake location. Best FCU currently has two locations to serve their members, both located in Muskegon.  They offer members a wide range of financial services including loans, savings accounts, checking accounts and credit cards.  Formerly Community Schools Credit Union, Best FCU, a not-for-profit organization, has been serving its members since 1955.

The Ottawa County Brownfield Redevelopment Authority (OCBRA) was able to provide two other means of financial assistance for the Best FCU project.  First, the Board of Commissioners gave its approval for the OCBRA to request a loan from the Department of Environmental Quality (MDEQ) that will help Best FCU pay for cleanup costs at the brownfield site.  This is the first time the OCBRA has used this financial tool to assist developers to revitalize brownfields.  The loan program is part of the Clean Michigan Initiative legislation under the Natural Resources and Environmental Protection Act.  Second, the Best FCU project is one of 34 properties that received funding from an Environmental Protection Agency grant awarded to the OCBRA to perform environmental assessments necessary for responsible cleanup of brownfield sites in Ottawa County.  The funds have now been fully expended and the grant closes on September 30, 2016.

For more information about redeveloping brownfield sites in Ottawa County and the tools available, visit the OCBRA website.

Media Contact:

Becky Huttenga | Economic Development Coordinator | 616-970-0679