Tuesday, June 15, 2004
Projects to Create 28 New Jobs, Spur $54.2 Million Investment
Governor Jennifer M. Granholm announced today that brownfield redevelopment assistance offered through the Michigan Economic Development Corporation (MEDC) will help create 28 new jobs and as much as $54.2 million in private investment. Cheboygan and Grand Haven received approval to utilize state and local tax capture revenues to help redevelop blighted and obsolete properties.
"Redeveloping underutilized or contaminated sites is an expensive undertaking for already cash-strapped communities," the Governor said. "Once reclaimed, these problem properties will become catalysts for job creation and investment."
In her 2004 State of the State address, Governor Granholm announced a focused plan for making Michigan a global economic powerhouse in the 21st century. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 17,000 jobs as a result of targeted assistance provided by the MEDC.
The two brownfields were among six major economic development projects announced today. Manufacturing company expansions in Albion, Charlotte and Orion and Plymouth Townships were announced separately. In all, they are expected to create a total of 1,511 new Michigan jobs.
The city of Cheboygan will redevelop four parcels of blighted property on the Cheboygan riverfront near the corner of Pine and Main Streets. J & D Investments of Cheboygan, LLC plans to acquire and transform the site into a mixed-use development to include retail and office space and a full-service marina with a boat storage facility. The city will use tax capture revenue valued at $247,250 for demolition and asbestos contamination clean up. The new development, to be known as Mariner Village, is expected to create 28 new jobs and attract more than $4.1 million in private investment.
The city of Grand Haven plans to redevelop 19 acres of vacant, contaminated property near the corner of Jackson Street and Beacon Boulevard for mixed-use development consisting of multi-family housing, commercial, retail and office space. The city will utilize state and local tax capture valued at more than $10.4 million for improvements including construction of a public boardwalk along the river as well as water, sewer and road upgrades. The city owns the property and is in the process of obtaining a developer for the project which is expected to spur $50 million in private investment.
"Brownfield tax capture helps remove obstacles that impede the redevelopment of idle properties," said MEDC President and CEO Don Jakeway. "The incentives used to turn these sites around will re-pay the state and local governments many times over through increased investment and tax revenue."
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.