Wednesday, January 12, 2005
Michael Shore, MEDC
Tax Credits Will Help Miles Petroleum Build Facility
Governor Jennifer M. Granholm today announced that a blighted and contaminated grain elevator site in Merrill, near Saginaw, will be converted to a new headquarters and distribution facility for Miles Petroleum with the help of a $48,671 Single Business Tax credit approved by the Michigan Economic Development Corporation. The project is expected to generate more than $486,705 in private investment and five new jobs.
"This property has been blighted and underutilized for years," Granholm said. "The brownfield tax credit will make it possible for Merrill to turn a potentially dangerous property into a catalyst for growth and job creation."
The developer, MPI Property Management LLC, will clean up and develop the property on behalf of Miles Petroleum. An existing grain elevator will be demolished and various buildings redeveloped to house corporate offices, a garage, warehouse and truck and oil storage facilities.
"We are pleased that Michigan brownfield policies have made it possible to eliminate an eyesore and develop regional corporate offices for Miles Petroleum," said JoAnn Crary, president of Saginaw Future Inc. "We applaud the efforts of the MEDC and the Saginaw County Brownfield Redevelopment Authority for assisting the village of Merrill with this project."
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.
"Michigan's brownfield incentives have a solid track record of turning hundreds of unusable properties into magnets for new jobs, investment and tax revenue," MEDC President and CEO Don Jakeway said. "Redeveloping this site will create a new center of economic vitality in Merrill, encouraging further 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.