Tuesday, January 18, 2005
Michael Shore, MEDC
More Than 600 Brownfields to Benefit From State Tax Incentive
The Genesee County Fast Track Land Bank Authority will act as the developer of the properties which are mostly located in the city of Flint and Mt. Morris Township. It will use the funding for lead and asbestos abatement, demolition and title clearance to prepare the land for redevelopment.
In January 2004, Governor Granholm signed a series of bills that enabled both state and local Fast Track Authorities. The creation of both local and statewide Fast Track Land Bank Authorities was a recommendation of the Land Use Leadership Council Report, and one the Governor prioritized for statewide implementation. Fast Track Authorities create a central clearing house for redevelopment of abandoned and foreclosed-upon properties, so they can again become assets for the community, and provide economic growth.
"Brownfields often sit idle for years because of the high cost of redeveloping them," MEDC President and CEO Don Jakeway said. "This progressive move by county leaders to turn problem properties into usable sites will make new economic development and job creation possible for years to come."
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, she announced the creation or retention of some 130,000 jobs by all state agencies in 2004.
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.