Thursday, September 30, 2004
Paul Krepps, MEDC
$118,000 Credit Encourages Redevelopment, Creating 50 New Jobs
Governor Jennifer M. Granholm today announced that the site of the former Herman Miller plant in Zeeland will be transformed into a retail center, thanks to a $118,000 Single Business Tax (SBT) credit approved by the Michigan Economic Development Corporation (MEDC). The tax credit will spur more than $1.1 million in private investment and create as many as 50 jobs for Michigan workers.
"Turning former industrial sites into useful places is critical for economic growth in Michigan," said Granholm. "Instead of remaining vacant, this space will be cleaned up and reused to create business opportunities and jobs for the people of Zeeland."
GS Properties LLC plans to use the brownfield SBT credit to help redevelop the Zeeland site. The original facility located on Washington Avenue will be demolished to make way for a new, 20,000-square-foot retail center.
The city has pledged $255,000 in local tax capture to the redevelopment effort.
"This project is an example of why the brownfield program was created in the first place," said MEDC President and CEO Don Jakeway. "Vacant, contaminated properties like this may sit underutilized for years because of the costs and liability involved with redevelopment. The tax credits make the property more attractive to potential investors."
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 29,514 jobs as a result of targeted assistance provided by the MEDC. This includes support for turning contaminated, blighted and functionally obsolete sites into new opportunities for economic 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.