Thursday, September 30, 2004
Paul Krepps, MEDC
Tax Credits Expected to Generate Up To 800 New Jobs
Governor Jennifer M. Granholm today announced that two brownfield sites in Wayne County will be transformed to create new residential and commercial developments, thanks to nearly $1.3 million in Single Business Tax credits approved by the Michigan Economic Development Corporation (MEDC). Granholm noted the tax credits will spur more than $12.8 million in private investment and create as many as 800 jobs for Michigan workers.
"We must continue to find ways to redevelop brownfields if we want to continue to build vibrant cities," Granholm said. "We are transforming underutilized and ruined sites into revitalized, useful locations for new businesses and new jobs for residents of Wayne County."
Brownfield SBT credits were awarded to the following projects:
Brownfield redevelopment is an expensive undertaking," said MEDC President and CEO Don Jakeway. "These tax credits will help developers who take on the challenge of revitalizing sites that were previously considered untouchable."
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 29,514 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 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.