Tuesday, September 20, 2005
Michael Shore, MEDC
Developers Commit to Invest a Total of $102 Million in Cities
Governor Jennifer M. Granholm today announced the state will help transform vacant downtown sites in Detroit and Taylor into much-needed new housing and mixed-use developments, creating 18 new jobs. The projects involve more than $102 million in private investment, and are the results of state and local brownfield tax incentives approved by the Michigan Economic Development Corporation.
"When we conserve valuable green space, we renew our cities and strengthen both our economy and our environment," Granholm said. "These developments will transform eyesores into opportunities for housing, jobs and a better quality life in Detroit and Taylor."
Morgan Development LLC will use state and local tax capture valued at more than $7.5 million and a brownfield Single Business Tax credit valued at more than $3.9 million to help redevelop the former Laro Coal site in southeast Detroit. The 44-acre riverfront property will be redeveloped to accommodate 43 single-family homes and 92 attached low-rise condominiums. The developer will invest $45 million in the project which is expected to create 18 jobs.
The city of Taylor will use state and local tax capture valued at more than $3.7 million to help redevelop tax-reverted vacant property in the Midtown district of Taylor. The 82-acre, long-vacant site adjacent to the city's downtown will be redeveloped to accommodate 199 single family homes. The development will also include abundant green space and a walking path. Developer WHRJ, LLC will invest more than $57 million in the project.
The two brownfields decisions are among four economic development projects the Governor announced today. In all, the four are expected to create a total of 854 Michigan jobs.
"Urban brownfields are often passed over by developers for years because of the costs and liability involved in redeveloping them." MEDC President and CEO James Epolito said. "These targeted tax incentives can literally transform neighborhoods across the state as they create new housing, business and job opportunities in the hearts of our communities."
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005 the Governor and the MEDC have announced the creation or retention of more than 61,000 jobs as a result of targeted assistance provided by the MEDC.
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.