Tuesday, December 07, 2004
Paul Krepps, MEDC
Vacant Building to Become Retail and Office Space, Create 20 Jobs
Governor Jennifer M. Granholm today announced that First Ward 1 LLC will transform a vacant former parking garage in Grand Rapids' Heartside Neighborhood into retail and commercial office space. The Single Business Tax credit approved by the Michigan Economic Development Corporation (MEDC) will spur more than $2.1 million in private investment and create up to 20 jobs for Michigan workers.
"The Heartside Neighborhood is continuing to create a vibrant community that will become a magnet for people and economic growth," said Granholm. "The new activity will have a snowball effect in the community, leading to more development and jobs in the years to come."
In her 2004 State of the State address, Governor Granholm announced her plan to make 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 44,524 jobs as a result of targeted assistance provided by the MEDC. This includes support for turning contaminated, blighted and functionally obsolete sites into new opportunities for economic development.
"The city should be commended for its ongoing efforts to revitalize its downtown. This is the kind of urban renewal the state's innovative brownfield incentives were intended to encourage," MEDC President and CEO Don Jakeway said.
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.