Wednesday, November 16, 2005
Community Redevelopment Projects Also Receive State Assistance
Governor Jennifer M. Granholm today announced three company expansions and six brownfield redevelopment projects that are expected to create and retain more than 1,579 jobs and generate more than $472.7 million in private investment, all as a result of assistance offered by the Michigan Economic Development Corporation (MEDC).
The nine projects announced today are:
- Cadillac Casting Inc.
- Cobra Sport Inc., a manufacturer of premium race-ready mini-moto cross motorcycles, will invest approximately $1.5 million to relocate its manufacturing facility to Hillsdale. The project is expected to create 132 jobs, including 70 directly by the company. An SBT credit valued at more than $386,000 helped convince the company to invest in Michigan over a competing site in Ohio. The city of Hillsdale is considering a local tax abatement valued at $20,000 over 12 years to support the project.
- Hemlock Semiconductor plans a two-phase, $327 million expansion at its operations in Hemlock. The project is expected to create 463 jobs, including 150 directly by the company. An SBT credit valued at more than $5.1 million helped convince the advanced manufacturer of components for the semiconductor industry to expand in Michigan instead of at a competing location in Kentucky. Thomas Township and the city of Saginaw are considering local tax abatements totaling more than $54 million to support the project.
Federated Properties LLC
- Icon on Bond LLC will use local and state tax capture of $1.5 million with its own investment of $55.6 million to transform a former contaminated foundry site in Grand Rapids into two nine-story residential towers with a total of 236 apartments or condos each incorporating two levels of parking.
- 33 Library LLC will use a state tax credit valued at $1.3 million and local and state tax capture valued at $757,000 in addition to its own investment of $13 million to renovate and convert the eight-story former YMCA building in Grand Rapids to 50 condominium units with on-site parking, outdoor garden, fitness center and pool.
- Boulder Developments LLC will use local and state tax capture valued at $1.1 million to revitalize four properties at the corner of John R and Canfield in northern Brush Park, east of Woodward Avenue in Detroit. The former Melrose Hotel will be converted to 30 condominiums with an adjacent building to be used for heated parking. A third building will be turned into a commercial strip, creating 20 jobs. A vacant parcel may be used for apartments, mini-storage or parking. The city has designated the area a Neighborhood Enterprise Zone which offers significant local tax savings to the developer.
- Eddystone Development LLC
- VJL Real Estate LLC
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