County Signs MDEQ Loan to Help Fund Construction of New Credit Union Branch on Brownfield Site in Spring Lake Village

On November 1, the Ottawa County Brownfield Redevelopment Authority (OCBRA) signed the final documents for a Brownfield Redevelopment Loan from the Michigan Department of Environmental Quality (MDEQ) that will help fund the construction of Ottawa County’s first Best Financial Credit Union branch office.  The site, located at the corner of Savidge and School Streets, is a current “brownfield” due to the presence of environmental contamination in the area, which requires additional investment in order to address the contamination issues and redevelop the site in a responsible manner. The MDEQ loan will provide close to $130,000 in funds for activities such as dewatering, vapor intrusion barrier installation and removal of contaminated soil.  The loan will be repaid using revenue from the increased tax increment generated from the property as authorized under a Brownfield Plan that was approved by the County in August of this year.

 “Getting the Ottawa County Brownfield Redevelopment Authority’s signature on these loan documents is a critical step in the overall process.  As soon as we close on the property, redevelopment activities can begin. We are so excited to become a part of the tri-cities community,” commented Morgan Rescorla, President and CEO of Best Financial Credit Union. Spring Lake officials approved the site plan for the project on September 27 and Best FCU expects to close on the property no later than December 1, 2016.  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, 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 MDEQ loan program is part of the Clean Michigan Initiative authorized under the Natural Resources and Environmental Protection Act.  In addition to the loan and the brownfield plan, the Best FCU project is also one of 34 properties that received funding from an Environmental Protection Agency grant awarded to the OCBRA to perform environmental assessments necessary for responsible redevelopment of brownfield sites in Ottawa County. These funds have now been fully expended and the grant closed on September 30, 2016.  The County is currently writing an application for additional funding from the EPA to continue assisting developers with environmental assessments that are essential to redevelop contaminated properties.  Awards for those grants funds will be announced in summer of 2017.

For more information about redeveloping brownfield sites in Ottawa County and the tools available, contact the OCBRA at 616.738.4852.

 Media Contact:  Becky Huttenga | Economic Development Coordinator | 616-738-4852