Wednesday, January 12, 2005
Michael Shore, MEDC
Tax Credits Will Help Convert Landmark for Commercial Use, Create 50 Jobs
Governor Jennifer M. Granholm today announced that the historic Wyandotte firehouse will be converted into commercial space generating 50 new jobs and $210,000 in private investment with the support of a $21,000 Single Business Tax credit approved by the Michigan Economic Development Corporation.
"This creative project will transform a vacant liability into a source of income, jobs and opportunity for the community," Granholm said. "The increased economic activity will be a real catalyst for further development in Wyandotte."
Built in 1929, the historic structure at 2011 Oak Street was in active use until July 2003 when it was abandoned in favor of a newly constructed fire station. The credits will be used to redevelop the building to accommodate commercial or retail tenants.
In her 2004 State of the State address, Governor Granholm announced her plan to make Michigan a global economic powerhouse in the 21st century. In 2004 the Governor and the MEDC announced the creation or retention of more than 54,000 jobs as a result of targeted assistance provided by the MEDC. Overall during 2004, the Governor announced the creation or retention of some 130,000 jobs by all state agencies.
"This is a perfect example of how the brownfield program turns obsolete properties into desirable opportunities for developers," MEDC President and CEO Don Jakeway said. "This will be a great opportunity for the city to preserve a historic structure while attracting new investment."
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.