Tuesday, July 13, 2004
Paul Krepps, MEDC
Five Buildings, Two Parking Decks to Replace Abandoned Housing
Governor Jennifer M. Granholm today announced that a six-acre pocket of blighted housing in Grand Rapids will be replaced with a mixed-use project of commercial, office, residential and parking space as a result of assistance provided by the Michigan Economic Development Corporation (MEDC). The MEDC approved the capture of more than $3.4 million in state and local tax credits through the Michigan Economic Growth Authority today to recoup part of the cost of brownfield cleanup. The project is expected to generate $30 million in private investment.
In her 2004 State of the State address, Governor Granholm announced a focused plan for achieving a powerhouse economy. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 23,344 jobs as a result of targeted assistance provided by the MEDC.
The Grand Rapids redevelopment is one of seven major economic development projects the Governor announced today. In all, they are expected to create or retain a total of 5,987 Michigan jobs, including 3,543 directly by the companies.
"Our partnership with the MEDC and the city of Grand Rapids provides valuable tools for us to use in transforming blighted urban areas into viable developments that add value and jobs to our core community," commented Right Place Inc. president Birgit Klohs. "This $30 million development will bring additional housing and commercial space close to downtown and the growing medical research facilities adjoining the Spectrum Health campus and the Van Andel Institute."
This redevelopment will make a key difference in one Grand Rapids neighborhood," said MEDC President and CEO Don Jakeway. "Michigan's brownfield redevelopment tools are making it possible for communities throughout the state to put abandoned properties back on the tax rolls and transform them into catalysts for private investment and jobs."
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.