Thursday, October 27, 2005
Michael Shore, MEDC
$3 Million Private Investment to Transform Former Industrial Site
Governor Jennifer M. Granholm announced today that a vacant industrial site in downtown Rogers City will be redeveloped for residential housing with the assistance of a brownfield Single Business Tax credit from the Michigan Economic Development Corporation. The project is expected to include more than $3 million in private investment.
"This project will be a real economic boost for Rogers City," Granholm said. "This redevelopment will turn vacant downtown property into attractive housing that will attract residents and generate new revenues for the city."
The developer, Federated Properties LLC will use a $300,000 brownfield credit to develop the six-acre former industrial site at the north end of downtown Rogers City into 26 two-bedroom residential units.
"We're excited about the project and thankful to the Governor, State Senator Jason Allen, and the very helpful people at the MEDC," developer Michael Uzelac of Federated Properties said. "Most importantly, we appreciate the encouragement and assistance offered by the people of Rogers City. This is a true team effort and we're proud to be a part of it."
The Rogers City Downtown Development Authority has invested more than $400,000 to prepare the property for development. The site of the project is also located within one of Michigan's tax-free Renaissance Zones.
"This project would have been too expensive to achieve without the brownfield redevelopment credits to offset the cost," MEDC President and CEO James Epolito said. "The leaders of Rogers City really came to bat to transform this property and should be commended for their investment and persistence. This will be a landmark project for many years to come."
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 announced the creation or retention of more than 62,000 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.