Friday, July 27, 2007
Project Based on Michigan Blueprints Recommendations
Demolished buildings on the 1.45-acre siteat 147, 159 and 185 West Michigan between Lewis and Ann Arbor streetswill be replaced with a multi-story, mixed-use development comprising 20,000 square feet at ground level for retail tenants, including a restaurant, coffee shop, specialty grocery and wellness center plus 32 condominiums with rents ranging from $250,000 to $370,000. Underground parking will accommodate 58 vehicles in addition to 68 surface lot spaces.
The city of Saline is supporting the project with local tax capture valued at $776,978.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues. MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.
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