Tuesday, October 19, 2004
Paul Krepps, MEDC
Detroit and Redford Township Projects Spur $36.2 Million Private Investment
Governor Jennifer M. Granholm today announced that two brownfield properties in Detroit and Redford Township will be redeveloped, creating 532 jobs and $36.2 million in private investment as a result of assistance provided by the Michigan Economic Development Corporation (MEDC).
The MEDC approved brownfield tax incentives valued at more than $4.2 million to help prepare the sites for redevelopment.
The two brownfield redevelopments are among six major economic development projects the Governor announced today. In all, they are expected to create or retain a total of 1,224 Michigan jobs, including 804 by the companies and redevelopments.
The Wayne County projects are:
Redford Township: Pinnacle Commerce Center LLC will use state and local tax capture valued at more than $1.6 million to help redevelop the 980,000-square-foot former Ford Motor Distribution Center. The developer plans to reconfigure the single-tenant building into a multi-tenant commercial facility to include warehousing and industrial space. The project is expected to create 400 new jobs and spur $8.2 million in private investment. In addition to the tax capture, Pinnacle was recently approved for a brownfield SBT credit through the MEDC valued at $820,000 to help with demolition and site preparation.
In her 2004 State of the State address, Governor Granholm announced a focused plan for achieving a powerhouse economy. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 30,794 jobs as a result of targeted assistance provided by the MEDC.
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.