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RE Final


Dana Fulenwider

on 26 April 2010

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Transcript of RE Final

Risk 2006
February 2006
Sale of 35 acres of land to the Commerce Township Board and William Beaumont Hospital. The land was the site for the new Beaumont health care facility. The project was expected to be constructed over the next 18 months, with completion in the fall of 2007.
September 2007
The new projected cost came to $70 million for the 159,000 square foot building. Beaumont Hospital received site plan approve from the Commerce Township Planning Commission for the medical center development. The construction was now planned to begin in November of 2007.
October 2007
The findings were that all three of the parcels were contaminated with VOCs and the current soils onsite were unstable for the projected building structures. March 2008
Based on the reports, Beaumont Hospitals began remediation activities. A different environmental consulting group, ASTI, approached Beaumont about using brownfield development financing incentives (through TIF and MBT).

April 2008
Ground Breaking...but financing?
Early August 2008
The Oakland County Board of Commissioners approved a five-year, $1.2 million brownfield cleanup (TIF) plan for a 35 acre area to be the site of a new Beaumont Hospital facility in Commerce Township.

Late August 2008
Problems arise with the environmental that was submitted to the state of Michigan.
The site has been graded for construction, but is still undeveloped. Buildings that were previously set for demolition are still standing and steel that was anticipated for construction is still on the site, unable to be used for any type of construction. William Beaumont Hospital lost money from the land purchase, consulting fee, master development plan, and is still losing money by holding on to the property.
Beaumont Hospital will provide comprehensive and high-quality services that will be closer to come for the residents of Commerce Township and surrounding communities.

Tax Base
Job creation
Hospital Excellence
Training Space
Community Benefits

•Uncooperative/Demanding Municipality
Capital Stack Funding Table (does not include developer’s personal capital stack)
Beaumont Medical Center
Full transcript