Thursday, June 24, 2004
Tax Credits to Facilitate Manufacturing, Housing and Senior Care Opportunities
Governor Jennifer M. Granholm announced today that Single Business Tax (SBT) credits offered through the Michigan Economic Development Corporation will help redevelop three brownfield sites in Petoskey, Saginaw and Warren, spurring more than $21.6 million in private investment and creating as many as 276 jobs for Michigan workers.
"Revitalizing blighted and contaminated properties is critical to bringing new jobs to these communities," Granholm said. "These credits help transform a liability into an asset for the community and for the state of Michigan."
In her 2004 State of the state address, Governor Granholm announced a focused, seven-point plan for economic growth. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 17,000 jobs as a result of targeted assistance provided by the MEDC, including support for turning polluted sites into new opportunities for economic development.
"Michigan has one of the top brownfield redevelopment programs in the nation, and these sites are perfect examples of what the program can do," said MEDC President and CEO Don Jakeway. "The credits will create opportunities for jobs and investment at sites that were thought to be untouchable by developers because of the liability associated with redeveloping them."
Brownfield SBT credits valued at a total of nearly $2 million were awarded to the following projects: