Monday, June 13, 2005
Michael Shore, MEDC
$4.1 Million in Private Investment Expected to Create 110 Jobs
Governor Jennifer M. Granholm today announced that underutilized properties in Detroit and Dexter will be transformed into new housing, retail, commercial and office space, creating more than 110 new jobs. The projects, assisted by brownfield Single Business Tax credits from the Michigan Economic Development Corporation, are expected to generate more than $4.1 million in private investment.
SRM Associates LLC will use a tax credit valued at $200,000 to demolish five blighted and vacant buildings on East Jefferson in Detroit to make way for the new Bob Maxey Ford Dealership. The 3,000-square-foot facility will include a showroom, offices and repair shop. The Michigan Department of Transportation and the city will provide streetscape improvements to make the area more pedestrian-friendly. SRM Associates will invest $2 million in the project, which is expected to create more than 60 new jobs. Detroit is a proud and active participant in the Michigan Cool Cities initiative.
Monument Park Investments LLC will use a tax credit valued at $210,000 to clean up a contaminated site in downtown Dexter and construct the new Monument Park Building. The three-story, mixed-use facility will be designed to complement the existing downtown structures and provide retail, office and residential space. The developer will invest $2.1 million in the project, which is expected to create more than 50 new jobs.
"These projects are excellent examples of how Michigan's brownfield redevelopment incentives are being successfully employed in major cities and smaller communities," MEDC President and CEO Don Jakeway said. "The transformation of these properties will bolster both communities and serve as a catalyst for further development and jobs."
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 41,695 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.