Thursday, August 05, 2004
Paul Krepps, MEDC
State Tax Credits Back Company Expansion, Housing and Retail Opportunities
"Brownfield redevelopment can be an expensive undertaking for communities," Granholm said. "These tax credits are catalysts for converting once-tainted and burdensome properties into magnets for economic growth and jobs."
In her 2004 State of the State address, Governor Granholm announced her plan to make Michigan a global economic powerhouse in the 21st century. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 24,000 jobs as a result of targeted assistance provided by the MEDC. Assistance includes support for turning contaminated, blighted and functionally obsolete sites into new opportunities for economic development.
"Michigan's brownfield program has helped to redevelop hundreds of properties which were once thought to be untouchable," said MEDC President and CEO Don Jakeway. "When the benefits of a brownfield redevelopment are realized, the community is energized to take on other projects which were once thought to be too expensive to conquer."
Brownfield SBT credits valued at a total of nearly $1.4 million were awarded to the following projects:
Muskegon: Northern Machine Tool Company and Triple O Enterprises have partnered to use an $80,000 credit to help clean up contaminated property located at 2380/2390 Henry Street for the expansion of Northern Machine Tool Company, which will move from its current location directly east of the new site. The tool and die company has been located in downtown Muskegon since 1946. The project is expected to spur more than $800,000 in private investment and create up to three new jobs.
Muskegon: P & G Holdings LLC will use a $799,042 credit to redevelop the former Shaw Walker manufacturing facility located at 1148 West Western Avenue. The five-story building on the site will be transformed into a mixed-use facility to include 400 residential units and 100,000 square feet of retail and commercial space. The project is expected to create more than $7.9 million in private investment and at least 200 new jobs.