Jacob & Klein Attorneys at Law Ltd. and The Economic Development Group Ltd. will be named next week to handle the development of Macomb’s STAR Bond district. The two firms work together specializing as a single service provider for the creation and administration of Tax Increment Financing (TIF) Districts and other innovative business incentives such as Business Development Districts. City Administrator Scott Coker told aldermen at Monday’s City Council Committee of the Whole session that this is the next step in the process of developing Macomb’s sports complex.
Jacob & Klein would coordinate establishment of the STAR Bond district and the appointment of a master developer.
Coker said the Bloomington firm has worked with Macomb in the development of all of its TIF districts. Jacob & Klein would be paid a $48,500 professional services fee, plus up to $3,000 in reimbursable expenses, for preparing all reports and providing legal advice to the city.
Jacob & Klein provided aldermen with a timetable for development of the STAR Bond district: on Oct. 19, the City Council will discuss the district plan and setting a public hearing on the project; on Oct. 23, mailings would be sent to all businesses and individuals residing in the proposed district; on Oct. 30, a STAR Bond plan would be submitted to council, and on Nov. 4, the council would send public notice for a Nov.
27 public hearing.
