Thursday, August 05, 2004
Paul Krepps, MEDC
State Tax Credit Awarded to Support $4.1 Million Mariner Village Redevelopment
Governor Jennifer M. Granholm announced today that a Single Business Tax (SBT) credit offered through the Michigan Economic Development Corporation will help redevelop a brownfield site in Cheboygan known as Mariner Village, spurring more than $4.1 million in private investment and creating as many as 13 jobs for Michigan workers.
"This project will be a great asset to Cheboygan not only as a tourist destination but a source for year-round jobs," Granholm said. "It is an excellent example of how Michigan's brownfield program can help communities turn a negative into a positive."
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 24,000 jobs as a result of targeted assistance provided by the MEDC. Assistance includes support for turning contaminated, blighted and functionally obsolete sites into new opportunities for economic development.
"Redeveloping a brownfield always creates a winning situation for the community," said MEDC President and CEO Don Jakeway. "The investment of tax credits is returned many times over through the jobs, tax revenue and private investment that the project creates."
J & D Investments of Cheboygan LLC will use the credit to redevelop four parcels of blighted property on the Cheboygan riverfront near the corner of Pine and Main Streets. The developer will renovate the former Thompson Lumber building on the site into a full-service marina and boat storage facility. The mixed-use development will also include retail and office space and a restaurant.
The city recently received approval from the MEDC to capture state and local tax revenue valued at $247,250 to help prepare the site for 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.