Tuesday, September 18, 2007
Bridget Beckman, MEDC
Total of 704 Properties to be Prepared for Re-Use
Governor Jennifer M. Granholm today announced plans for the redevelopment of up to 704 blighted properties in Genesee County, including the former Durant Hotel and Berridge Hotel in downtown Flint. The redevelopment projects will benefit from assistance provided by the Michigan Economic Development Corporation (MEDC) in partnership with the Michigan State Housing Development Authority (MSHDA).
The Genesee County Land Bank Authority (GCLBA) will usestate and local tax capture valued at more than $20.6 million to revitalize and re-use tax reverted properties across the county. Redevelopment activities will include demolition, lead and asbestos abatement and site preparation for up to 704 tax-foreclosed homes and buildings in the city of Flint. Approximately 100 structures will be demolished and 130 sites will be prepared for new development.
The redevelopment will be led by theGCLBAand include additional properties in 15 communities in Genesee County, including the cities of Swartz Creek and Mt. Morris and Flint, Genesee, Gaines, Fenton, Flushing, Forest, Richfield, Mt. Morris, Grand Blanc, Thetford Davison and Argentine townships.
The vacant, eight-story Durant Hotel will see a $20 million renovation and be converted to 109 two-bedroom apartments with retail and office space on the lower floors. The former Berridge Hotel will be redeveloped into 20 affordable housing and commercial units while the historic Tinlin Building adjacent will be redeveloped into four apartment units.
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 atwww.michigan.gov/mshda.
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