Tuesday, April 17, 2007
Michael Shore, MEDC
Blighted, contaminated sites transformed into housing, retail
The three projects announced today:
- State and local tax capture valued at $564,600 and a brownfield Single Business Tax credit valued at up to $720,000 will support the redevelopment of contaminated property located at 200 South Ashley Street in downtown Ann Arbor. Developer Tierra Equities LLC will demolish the existing building on the site and construct a 26,000-square-foot complex that will include retail and office space and five condominium units. The new development will involve over $9.6 million in new capital investment and create eight new jobs and retain 30. The Ann Arbor Downtown Development Authority has also offered a $281,950 grant to support infrastructure development related to the project.
- Developer XY LLC will utilize a brownfield Single Business Tax credit valued at more than $8.4 million and state and local tax capture valued at $3.6 million to redevelop the former YMCA building in downtown Ann Arbor
- A $282,923 brownfield Single Business Tax credit and state and local tax capture valued at $197,448 will support the redevelopment of the former Loose Leaf Bindery building located at 333-351 Commerce Avenue SW in Grand Rapids. Developer Infinity Companies LLC will renovate and expand the existing structure to include 39 loft apartments and 2,705 square feet of commercial space to include a coffee shop. The project will involve more than $3.3 million in new capital investment and create more than 10 new jobs.
MEDC President and CEO James C. Epolito said.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues. MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.
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