Tuesday, November 30, 2004
More Than $50 Million Investment Expected to Create At Least 1,000 Jobs
Governor Jennifer M. Granholm today announced that developers will transform the former Detroit Artillery Armory in Oak Park into a commercial and light-industrial development thanks to state support that will pay for environmental clean-up at the site. The investment of more than $50 million is expected to create at least 1,000 new jobs.
Schostak Brothers and Company, Inc., Northland Plaza Associates LLC and Armory Plaza LLC intend to demolish most of the blighted buildings on the 94-acre site. Once cleared, the property will be ready for commercial and light industrial redevelopment.
The Michigan Economic Development Corporation (MEDC) approved a tax increment financing plan worth approximately $2.4 million in state and local taxes to support the redevelopment.
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 44,076 jobs as a result of targeted assistance provided by the MEDC.
"We are tackling brownfields throughout the state," said MEDC President and CEO Don Jakeway. "The assistance we offer to communities and developers makes it possible for these properties to be reclaimed and transformed into catalysts for new 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.