Former Kmart HQ developer to be reimbursed for demolition — with own tax dollars

Former Kmart HQ developer to be reimbursed for demolition — with own tax dollars

A developer who is creating a mixed-use project on the site of the former Kmart Corp. headquarters in Troy will be reimbursed $9.2 million, plus interest, for demolition of the long-vacant building and asbestos cleanup. But, city officials said, Forbes/Frankel Ventures will essentially receive its own tax dollars back. The Troy City Council voted unanimously Monday, Sept. 29, to approve a plan that will set up the reimbursement under the Brownfi…