TRAVERSE CITY, Mich. Redevelopment funded in part by tax dollars will clean a significant chunk of pollution at an old gas station site where Traverse Bay Area CU is building a new headquarters.
The project will remove soil contaminated by leaking underground gas and waste oil tanks, pollution discovered in 2001.
The Grand Traverse County Brownfield Redevelopment Authority approved the credit union’s application for a $1 million loan from the Michigan Department of Environmental Quality on Wednesday. The authority also agreed to reimburse about $1.2 million the credit union will spend on building demolition, cleanup and other environmentally protective measures.
The Brownfield Authority will repay the state and credit union by capturing future property taxes the project generates.
The project site includes an adjoining restaurant and also was used as a railroad siding with coal storage.
The credit union plans to remove 9,500 tons of soil to a depth of 16 feet, plus pump and treat the groundwater for about 45 days while the foundation is installed.
