Friday, November 12, 2004
Paul Krepps, MEDC
Tax Credits Create Housing and Business Opportunities Across the State
Governor Jennifer M. Granholm today announced that eight brownfield sites in six communities across the state will be revitalized to create new housing and commercial opportunities, thanks to brownfield Single Business Tax credits approved by the Michigan Economic Development Corporation (MEDC). Granholm noted the tax credits will generate more than $49.9 million in private investment and over 350 new jobs.
"Giving new life to blighted and underutilized properties is at the core of creating vibrant cities in Michigan," Granholm said. "I commend these communities for taking on the challenge of redeveloping these sites in ways that will create attractive environments for new businesses and residents."
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 31,223 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.
"These are the latest in a long line of brownfield success stories we have fostered in the state," said MEDC President and CEO Don Jakeway. "Brownfield development resounds in communities like a pebble in a pool. The positive results radiate to other brownfield sites, empowering the community to take on further redevelopment."
Brownfield SBT credits valued at a total of more than $4.8 million were awarded to the following projects:
Bay City: Saginaw Bay Development II project will benefit from a credit valued at $20,197. It will be used to help redevelop the former ARC of Bay County building located at 1313 North Johnson Street into an office supply distribution center. The developer, Gregory Construction Company, plans to invest more than $201,907 on the project which is expected to create seven jobs. Bay City has approved local tax capture valued at $49,115 to assist with environmental clean-up activities on the site.
Detroit: Bellemere Limited Dividend Housing Association LLC will use a $650,000 credit to renovate functionally obsolete apartments located at 14824-14972 Greenfield. The developer, Fausone, Taylor & Bohn, will invest more than $6.5 million in the renovation which will result in 88 modern, single-family apartments and an adjacent community building. The project will provide needed housing for low-income residents in the area.
Detroit: Art Center Town and Carriage Homes, LLC will use a $350,000 credit to renovate tax-reverted, city-owned blighted properties on East Palmer between John R. and Brush Streets into housing. The developer will construct 19 market-rate, single-family homes. The project is expected to create $3.5 million in private investment.
Detroit: Mack Alter LLC will use a $938,707 credit to transform blighted property located at the southeast corner of Mack and Alter in Detroit into a 58,000-square-foot multi-use retail center. The developer, Curis Enterprises, plans to invest $8 million in the project which is expected to create 200 new jobs.
Grand Rapids: 600 Fifth Street Properties LLC and 2320 Properties LLC will jointly use a $999,000 credit to rehabilitate a former industrial facility located within the 600 block of Fifth Street into an office/residential building capable of accommodating up to 500 employees or residents. The developer will invest more than $9.9 million in the project which is expected to create at least 100 jobs.
Ludington: Ludington Place LLC will use a $1 million credit to redevelop the former Ludington City Hall and Department of Public Works site into a 62-unit condominium development. The project will create more than $11 million in private investment and six jobs. The city is also supporting the project with local tax capture valued at $705,000.
Muskegon: Art Works Muskegon LLC will convert a 140-year-old industrial building in the heart of downtown into a unique housing retail and art gallery facility featuring 26 housing units. The developer, HDC Construction, will invest more than $6.3 million in the project which is expected to create eight new jobs.
Saginaw: Downtown Area Development LLC II will use a credit valued at $290,000 to facilitate phase two of a new medical complex located along the Saginaw waterfront at 1137 Washington Avenue within the city's tax-free Renaissance Zone. The developer will demolish the existing structure and construct a 25,000-square-foot, two-story medical, office and commercial building. The project is expected to create $2.9 million in private investment and bring at least 30 new jobs to the city's downtown.
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.